Weekly Roundup

December 2, 2022

By Scott Redler

First, before we get into the roundup, let's take off half of Netflix (NFLX) for Power Plays. It's at $320ish, past my $310 to $315 target zone. So it's time to tap the brakes.

What a week!

Things looked very constructive earlier in the week, and Powell's less hawkish-than-feared speech was a big boost on Wednesday.

However, the market got a bit of wind taken out of its sails with the hot jobs report today.

Expectations were for 200K new jobs.

We probably needed 150K or less to juice the market.

But we got 263K which sent SPY under $403 support.

I still think the Fed will raise by 50 bps on December 14 and another 25 bps in January. Then they should be done.

But after the size of the move from the October lows, we need to be a little careful for now.

Thankfully, our current names look good for now so I think we're well-positioned.

Just be ready to switch gears.

So let's go over them:

Netflix (NFLX): we added NFLX on Wednesday because the pattern looked great and the stock was showing nice relative strength. It then catapulted higher after Powell, and it's already hit my objective range of $310 to $315.  It went red to green today and looks great but the safe move is to take some profits into the strength.

Taiwan Semi (TSM): this name has been tricky because of all the negative news in semis, like Marvel's (MRVL) earnings weakness and Apple's (AAPL) troubles in China. However, TSM holding up very well and taking the Apple news in stride. I'd like to see it clear $83 and hold above.

It's been quite a week, so take some time to enjoy yourself over the weekend.

Stay tuned for more updates.


Scott Redler Positions Disclosure as of 2022-12-02 at 10.06.16 AM