Power Plays Weekly Roundup 

February 3, 2023

By Scott Redler

What a wild week.

Optimism was running rampant into last night's earnings reports highlighted by Apple (AAPL), Amazon (AMZN), and Google (GOOGL).

They were disappointing across the board, but Apple seemed to rescue the market by rallying off the post-earnings lows and taking out yesterday's highs.

The market even shrug off the hot jobs report.

But even if things don't make sense on the surface, we have to respect the action.

When you see a name like Apple shoot off the lows and take out a prior day's high, you must pay attention.

Of course, anything can happen into the close so stay on your toes.

Yesterday, we took XBI off Power Plays to be safe.

I also mentioned that I'd be taking off half the PINS $26/30 call spread expiring today. I'd be closing the rest out today.

This market has some real resilience, so I'm glad we've been able to capitalize.

We're now passing the heart of earnings season, and it's pretty remarkable that the market's been taking things in stride.

Now that we have post-earnings pivots, I'll be looking for new names to pick up.

For now, let's go over our remaining name:

Occidental Petroleum (OXY): OXY was looking a little shaky this week, and I decided to lower the danger zone to the $58 to $59 area. It seems like there is big buying support at $60 so this is more sensible. Thankfully, it perked up to end the week as oil rose.

Enjoy your weekend!

And stay tuned for more updates next week.


Scott Redler Positions Disclosure as of 2023-02-03 at 11.02.12 AM