5 AI Stocks to Watch This Week


SPX futures are +22, giving upside follow through to Friday's move above the 4160-4180 area with a close above 4200. It seems like we can reach the 4325 high from last August. But take trades along the way.

We've had many nice setups the past few weeks because we focused on setups instead of calling tops or predicting recessions.

SPY: I bought $416 calls last Thursday for a potential Friday move. It cleared $416 to see $420.70. This morning, it's at $422+. I'd trim and trail but it seems like it can work back to the $430 area. We'll see if today's move builds.

QQQ has led the way higher since the March ignition above the downtrend line. Last week the gap up from NVDA held and on Friday it cleared $341 to see $349.25. This morning we are at new monthly highs. I always trim when a gap like this is in my favor. I might sell some calls for this Friday as a way to hedge.

Now let's dig into some AI-related names:

AI became a huge winner again. I got into a swing long in the $22 area. Last week I also put on some $30 calls that are up 300%. Make sure to manage it. We'll see if it can hold the March high of $34.68 to build.

NVDA helped add fuel to the tech rally. I made 5Xish on my call spread for earnings. Some bought vs. the post-earnings gap at $366. This morning it looks above $394.80. Congrats to long-term investors and short-term traders here. I’d trim and trail.

MSFT continues to reward swing longs from the post-earnings gap of $292. it gave multiple entries since then. It hit $333.40 Friday. I’d make sure to trim some this morning because it's a bit extended. That doesn't mean it's an easy short.

GOOGL became a big focus for us around $105ish and it hit $126.43 last week. It has another bull flag setup. See if it clears that. Some are long vs. $119.50. Others are waiting for it to clear that pivot.

SMCI has been a rock star. Lots on the VTF® did very well here. I’d trim some because it’s extended but it’s not an easy short.

Scott Redler Positions Disclosure as of 2023-05-30 at 8.25.49 AM

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