Power Plays Weekly Roundup
November 17, 2023
By Scott Redler
It's been a good three weeks for longs, though the market is in danger of being in overbought territory.
Still, we have to respect just how stubborn buyers have been, and Thursday's tech action sent a message that the bears need to put up a better fight.
Next week is Thanksgiving week, which is often a tricky period for the market because of lower volume.
Don't be surprised to see some volatile action, especially on Black Friday which is a short day.
And of course, Nvidia (NVDA) reports Tuesday and that could have a big impact on the action Wednesday.
Needless to say it's the event of the season, so you should pay close attention to it.
Now let's go over our Power Plays:
Palantir (PLTR) looks like it's ready to stay above the August 1 high, though it would help to have a surge of volume come in to move things along. I expect this stock to lead in the weeks ahead.
Shopify (SHOP) has been good to us, and we took off half for Power Plays Tuesday. As long as the market holds up, SHOP has a chance to extend further, though I would not chase it up here.
Block (SQ) joined the Power Plays family on Monday, and it's done great so far. This is one of my biggest positions, and I believe it can exceed the $60 area.
Have a great weekend!
Scott Redler Positions Disclosure as of 2023-11-17 at 10.58.37 AM