Power Plays Weekly Roundup
November 10, 2023

By Scott Redler

The market appeared to be in digestion mode after the QQQ's big 9-day winning streak that ended Thursday.

That said, tech is showing some relative strength today, and the QQQ's just broke above my targeted resistance area of $371.50 to $373 as key names like Apple (AAPL) and Nvidia (NVDA) remain stubbornly strong.

So I would not be surprised to see things pause here.

I'd keep a close eye on IWM, because small caps have been lagging quite a bit. If IWM breaks the morning low of $166.79, that could get some attention -- and not in a good way.

TLT is also still important. It's rebounding from yesterday's lousy Treasury action, which is encouraging.

Now let's go over our Power Plays:

Netflix (NFLX): we added this three weeks ago and it's done a good job of tracking the strength in tech. We took off half on the open Thursday because it looked stretched amid the Nasdaq's winning streak, but it's showing surprising strength today. Still, it could use a little digestion so I wouldn't chase it up here.

Palantir (PLTR) is still looking strong and looks like it might be building a nice bull flag on top of the earnings gap. If the market continues holding up, I expect PLTR to be a leader, especially given the intense geopolitical environment.

Shopify (SHOP) is doing a great job of holding its earnings gap, though it did come off its Thursday high more than I'd like. The longer it can hold in this $60 area, the greater the chance of a real surge higher.

Have a great weekend!


Scott Redler Positions Disclosure as of 2023-11-10 at 10.26.15 AM