Power Plays Weekly Roundup
May 5, 2023
By Scott Redler
This was a pretty wild weak with tons of news, data, and earnings.
The regional bank crisis was a huge story this week, but that battered and bruised sector seems to be getting relief on Friday.
I'd still keep an eye on JP Morgan (JPM) to judge the health of the banks overall.
The Fed raised rates by 25 bps Wednesday as expected and it seems like they are done hiking for the year. Many believe they will cut rates in the second half but that remains to be seen. I'm still thinking they won't cut unless something really breaks in the economy or the market heads much lower.
There were lots of earnings this week and Apple (AAPL) was obviously the star. See if it holds the $170.76 area short-term for sentiment.
Today, they bought the hot jobs report which was impressive, and SPY cleared resistance at $410.50. That spot is very important and could dictate whether the buyers or sellers take control. If we stay above, it will be hard to get too bearish.
Next week will be a big quieter and we may have more actionable setups because of charts stabilizing after this very rocky week.
Now let's go over our remaining name:
Google (GOOGL): I added this one back after earnings. The numbers were pretty solid and Google seems to be unique in that it tries to underpromise and overdeliver later. It hit $107.99 on Monday but it's come in a bit. The stock feels like it's falling out of play but it's still hanging around and has potential to get better.
Have a great weekend. Get some rest and relaxation because you earned it after all the wild action and news flow this week
-Scott
Scott Redler Positions Disclosure as of 2023-05-05 at 10.36.16 AM