Power Plays Weekly Roundup
September 1, 2023
By Scott Redler
I'm technically still on vacation but wanted to quickly tough base before next week because of today's shaky action.
Futures spiked on the NFP report this morning, but the market reversed soon after.
SPY failed to hold yesterday's high, which was not good to see.
We also saw tech leaders like Apple (AAPL), Tesla (TSLA), and Nvidia (NVDA) put highs in very early (even pre-market in some cases) before reversing lower.
Tesla is being hit particularly hard, and Apple is staying just barely green.
And as you can see in my disclosures below, I added some QQQ puts for next week, because there is a risk we head down to support around the $374 area.
That helps to balance out my longs and keep me on the safer side.
I also closed out some of my longs like Amazon (AMZN) and Meta (META).
The good news is this volatility should set us up for better long opportunities in the weeks to come.
SPY just held active support at $449.
Keep that area on your mind, because a break below could mean a move to the $445 area.
I hope this helps you have a better read on the near-term action.
Have a good weekend!
And don't forget the market is closed for Labor Day.
Scott Redler Positions Disclosure as of 2023-09-01 at 11.51.47 AM