Power Plays Weekly Roundup
December 8, 2023
By Scott Redler
The market is slightly green after the jobs report, with small caps showing decent relative strength, which has been the big trend this December thus far.
For now it looks like traders are waiting for the CPI report and the Fed next week before we get real resolution in one direction or the other.
The market's been showing some signs of being overbought, but we've been getting a pretty consistent stream of setups in individual names.
So the game plan remains the same. We're going to look for favorable setups while keeping a close eye on the exits in case things turn.
Let's be careful, but optimistic.
Now let's go over our Power Plays:
Alphabet (GOOGL): we added GOOGL on Thursday after the positive reception to the Gemini AI release. There's a bit of controversy regarding the Gemini demos but the AI sentiment tide seems to be turning towards GOOGL, and the chart looks good.
SPDR Gold Trust (GLD) is one of my favorite plays into 2024. It's choppy short-term, but the monthly chart looks great and I expect it to hit all-time highs.
UiPath (PATH): we added PATH on Tuesday because it looks like it could be the next name to have a big post-earnings gap & go. It looked like it might threaten the gap on Thursday but it's come back today.
Have a great weekend!
Scott Redler Positions Disclosure as of 2023-12-08 at 10.51.56 AM