Power Plays Weekly Roundup 

May 26, 2023

By Scott Redler

This week's roundup is on the short side since I'm on vacation.

We're coming off one of the more wild weeks of earnings season thanks to Nvidia's (NVDA) crazy beat which ignited the semiconductors.

Tech's been strong, while banks and energy have lagged.

For now we're waiting on resolution from the debt ceiling. Instead of trying to make predictions, I'm watching the levels:

As long as these levels hold, we can't too bearish:

SPY: $412.50
QQQ: $336

Until those break, be careful buying into the popular narratives.

Now let's go over our Power Plays:

Apple (AAPL): The stock held big support at the $172ish area this week which was good to see. It was sluggish for most of this week but woke up a bit on Thursday and Friday. Maybe if we get some profit-taking in the big semi movers like NVDA, AAPL can get flows.

Tesla (TSLA): We added Tesla yesterday and thank heavens, because it's up about $6 today. I was looking for a breakout so I'm glad we didn't wait on this. This has real potential to be a market leader in the coming weeks.

Have a great Memorial Day weekend! Don't forget the market is closed Monday.


Scott Redler Positions Disclosure as of 2023-05-26 at 11.12.05 AM