Power Plays Update: Exit OXY
February 22, 2023
By Scott Redler
Occidental Petroleum (OXY) has broken into the $58 to $59 danger zone, so it's time to close it out from Power Plays.
The stock has been range-round for some time and can't seem to perk up.
And while energy was very strong in 2022, it doesn't seem like the place to be in 2023.
So I'd rather let OXY go.
As it is, the active bears remain in control of the market, which is why I've minimized my long exposure as of late.
You can see on my positions below that I'm pretty flat.
On Friday, I told you "I expect SPY to test the $397.50-$400.50 area or even lower," and SPY is at $398.50 as I write this.
We'll focus on new names when the market gives clues it can be stronger and more constructive.
Let's not buy just to buy. That never ends well.
Scott Redler Positions Disclosure as of 2023-02-22 at 10.10.50 AM