Power Plays Weekly Roundup
July 14, 2023
By Scott Redler
Earnings season finally kicked off this morning with the big banks like JP Morgan (JPM) Wells Fargo (WFC), and Citigroup (C).
The numbers were pretty solid, though they might have been baked in to some extent, because the stocks are mixed with C down.
It's a bit of mystery as to where these names end up by the close.
As it stands now, the SPY's and QQQ's are up pretty big on the year, and we have to wonder about how much good news is already priced in for earnings season.
The Oscillator is +52, which means somewhat overbought, but the market keeps finding ways to squeeze higher a little bit at a time.
So you have to be careful adding up here. At the same time, it's tough to short.
That means it's time to take a step back and let price discovery happen.
Now let's go over our Power Plays:
Boeing (BA) got a bit of a bounce this week on a strong delivery numbers report. And there is chatter about a big China order coming. It still looks solid.
Unity Software (U) was looking a bit shaky earlier in the week, but it roared back to life and hit $48.10 this morning. It looks ready to break through the $50 area and potentially go much higher than that. But it might need a day or two off to rebuild.
Have a great weekend!
Scott Redler Positions Disclosure as of 2023-07-14 at 9.50.25 AM