Power Plays Weekly Roundup
March 17, 2023
By Scott Redler
We're closing out yet another tricky week, which is no surprise given the 2023 environment.
It felt like everyone expected the market to go down this week, but buyers came in Thursday in a big way, shaking off all the negativity in the regional banks.
The Oscillator was -101 Monday and it's now almost neutral.
Traders seem to be shifting focus to the Fed meeting next week.
It looks like they will raise 25 bps and then move to a "data dependent" stance.
Until then, it would not be a surprise to see some digestion as traders debate what's next.
This morning, the market seems to be liking the light Michigan Sentiment numbers at 10 am.
I'd keep a close eye on the banks heading into the weekend.
JP Morgan (JPM) made a low at $126.73 and is trying to bounce off it. The bears will growl a bit if that level breaks.
We also don't want Goldman Sachs (GS) to make new lows.
Now let's go over our current Power Play:
Apple (AAPL): I added this to Power Plays on Thursday because it looks ready to lead the market in the near term. It's one of my biggest positions now. Many other tech names like Microsoft (MSFT) and Nvidia (NVDA) look overbought short-term but, Apple seems much more constructive. If it can clear this $155 to $157.50 area, I see it heading above $164.
Have a great weekend. Get some rest and relaxation because you earned it.
Scott Redler Positions Disclosure as of 2023-03-17 at 9.39.40 AM