Power Plays Weekly Roundup
July 7, 2023
By Scott Redler
Today's action was a bit of a headscratcher.
We had the first light NFP number in quite a while, though the earnings number was slightly hot.
So we're seeing some misdirection in the indices today, and as of now things are slightly up.
But don't get too confidence, because I wouldn't be surprised to see more back-and-forth action by the close.
For now, flexibility in your trading is key.
We are about to head into earnings season after some pretty big moves year-to-date, especially in tech.
So we need to be on guard.
If you see in my positions disclosure below, I have plenty of options positions on.
This is because I want to keep my risk defined when I see potential for whippy action.
Now let's go over our Power Plays:
Boeing (BA): this one has been slow but it's been hanging in there, and got a bit of a lift today. It looks fine to stick with for now.
Amazon (AMZN): has been steadily rebuilding, though I'm not looking to add on strength. It could get a lift on Prime Day next week so keep an eye on it.
Unity Software (U) slumped a bit this week as tech stocks slowed down a bit. I'm not surprised it's been volatile. I'd like to see it hold the $39 area in the short term to reload for some potential upside.
Have a great weekend!
Scott Redler Positions Disclosure as of 2023-07-07 at 10.20.35 AM