Before we start, we're going to remove Tesla (TSLA) from Power Plays here.

The reaction to the Cybertruck event was definitely on the weak side, so the stock could be on ice near-term. In hindsight, expectations were a bit high based on how well the stock did in November.

Block (SQ) and Shopify (SHOP) were nice winners for us, and we took those off early in the week.

The market is coming off a huge November, and it feels like we might be in overbought territory, especially in tech.

So don't be surprised if we see some digestion in front of any possible Santa Claus rally.

As you can see in my positions disclosures down below, I'm only in options now. This is because at a tricky time like this, I want to have some upside potential while keeping my downside risk defined.

I'm also short some SPY and IWM calls as a hedge.

Now let's go over our Power Plays:

Palantir (PLTR) dipped early in the week but came back pretty fast and it's right around $20 now. Still, it probably needs to rest for a bit to set up for a bigger move.

SPDR Gold Trust (GLD) is one of my favorite plays into 2024. The monthly chart looks great and I expect it to hit all-time highs.

Have a great weekend!

-Scott