Power Plays Weekly Roundup
February 10, 2023
By Scott Redler
This was another tricky week for the market, and things are definitely leaning towards the predatory ends of things.
We're seeing the bottom fall out of many names like Google (GOOGL), Nvidia (NVDA), and Tesla (TSLA).
And in fact, that's why I closed Meta (META) out of Power Plays Thursday for a loss.
The market came a long way into the February 2 top, and now we're seeing the other side.
Remember, we have a very big CPI report on Tuesday, so we could see traders continuing to take risk down.
Because if that report is hot, we could see profit-taking, especially in the tech/speculative names that have done so well for most of the year.
However, we'll try to remain opportunistic and pick spots carefully.
We may have to wait until after CPI report to be safe.
For now, let's go over our remaining name:
Occidental Petroleum (OXY): OXY was looking a little shaky last week, and I decided to lower the danger zone to the $58 to $59 area. But it's acting much better this week with energy starting to lead the market. Word is that Buffett is a buyer around the $60 area so the risk-reward still looks good.
Enjoy your weekend!
And stay tuned for more updates next week.
Scott Redler Positions Disclosure as of 2023-02-10 at 11.37.46 AM