Power Plays Weekly Roundup
October 13, 2023
By Scott Redler
It was another chaotic week in the market.
We had the tragic attack on Israel, a hot CPI report, a failed Treasury auction, plus the kickoff of earnings season this morning with the banks.
JP Morgan (JPM) appears to have thrown the bulls a lifeline on Friday to keep things intact overall, but it's faded a bit.
Energy, oil, and gold are strong to close the week as Middle East tensions continue to heat up.
One thing I don't like is the QQQ's getting below yesterday's low of $367.50
However, we need to keep in mind we had some pretty big gains since last Friday, so some digestion is in order.
I'd tread carefully for now as we wait for new setups to present themselves.
This is not the time to have a false sense of security because this is an erratic tape where big moves can happen out of nowhere.
Now let's look at our remaining Power Plays names:
Advanced Micro Devices (AMD): this stock has felt downright predatory at times, but it looks good overall and hit $111.31 on Thursday. The market favoring energy and safety names on Friday hit the semis, but I like the AMD setup overall, though I would not expect a smooth ride.
Fisker (FSR): this speculative EV name has done a good job of holding the $6 area to keep it in play. Tesla (TSLA) falling off the midweek highs is weighing on FSR, but the setup still looks fine.
Scott Redler Positions Disclosure as of 2023-10-13 at 10.53.58 AM