Adjusting Trades This Week

Posted by Joe Duffy | Aug 3, 2023 | Joe Duffy's Trading Advantage | 0 |

The stock market was lower today as I thought it would be in my weekend update. Continue watching for the low $100’s on Adanced Micro Devices (AMD). It was $120 after earnings yesterday but closed under $110 Wednesday. That circa $102 area is one I will be monitoring closely for a potential buy level.

Another of my long favorites was Starcucks (SBUX), which was one of the few stocks up in a sea of red today. Continue to keep a close eye here for a buy set up.

Neither AMD nor SBUX do I consider a buy at current levels to be clear. The other stock on my radar was OXY. Going to take OXY off my list and put it on the shelf for now.

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On the short side I like NIKE (NKE). If we get more back and fill to the upside I will very likely wade in short here. I don’t mind being long a stock and short another stock at the same time! Stock Market Trivia … The long one stock, short another stock, was the origin of the name “hedge” fund.

Thanks,

Joe

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Joe Duffy

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