Power Plays Weekly Roundup
April 14, 2023
By Scott Redler
Earnings season kicked off today with the banks, and we got some good news from the likes of JP Morgan (JPM), Wells Fargo (WFC), and Blackrock (BLK).
Of course, the big question is whether the bank gains can actually hold.
As I told you on Wednesday, I've avoided trading the banks because even in normal times, the earnings reports tend to be sloppy and create lots of misdirection.
For now, the banks are only off premarket highs by a little bit, but keep them on your screen to see how they act into the close.
The byers do not want to see them sell off.
Next week kicks off tech earnings with Netflix (NFLX), Tesla (TSLA), IBM (IBM), and others. I'll be closely watching the reactions because the QQQ's have had so much relative strength this year.
It's hard to tell if potential post-earnings gains have been stolen by the big moves we've seen already.
Netflix is definitely key on Tuesday. I don't think it's buyable or shortable into the report, but the reaction on Wednesdsay morning will be important, so have it on the radar.
Now let's go over our names.
Microsoft (MSFT): This name has been a big leader because of the AI story, and it should be buyable on dips for the time being. It took a hit Wednesday on some negative headlines about Azure, but it roared right back on Thursday. It will likely digest for a bit before resuming the rally.
Amazon (AMZN): It was sliding for a bit but perked back above the 8 day moving averages and had a big move on Thursday. Like Microsoft, it should be buyable on dips. Very active traders want it to hold $100 but I'll give it a longer leash for Power Plays.
Google (GOOGL): It held the $104 area and had a nice move on Thursday. I'd think dips will be buyable as long as it holds the 8 day. And indeed, Friday morning's dip was bought fast which is good to see.
Have a great weekend. Get some rest and relaxation because you earned it!
Scott Redler Positions Disclosure as of 2023-04-14 at 9.18.34 AM