Market Preview Week Of Jan 3-6
The stock market is closed on Monday January 2, 2023 in observance of New Years.
TESLA DELIVERIES: The first thing on everybody’s radar for the new year will be Tesla (TSLA) 4Q deliveries out Monday. The estimate – according to The Motely Fool – is for 425,000. If TSLA can meet or beat that number – given how beaten down and oversold the stock is – I think we could be in for a powerful relief rally. I have TSLA Jan0623 $135 Calls to profit from such a move.
WALGREENS (WBA) EARNINGS: On Thursday morning pharmacy Walgreens (WBA) will report FY231Q earnings. WBA has performed poorly for quite some time but I’m bullish on the stock. WBA trades at 8x the midpoint of their FY23 guidance of $4.45-$4.65 and pays a 5.14% dividend. Expectations are low and I think it’s a good stock to own in this macro environment.
DECEMBER JOBS REPORT: The December Jobs Report will be released Friday January 6 at 8:30am EST. The report will be scrutinized for any weakness in the labor market that might allow the Fed to take its foot off the gas in its fight against inflation. In this case bad news is good news.