Power Plays Weekly Roundup
December 22, 2023

By Scott Redler

What a week!

The market's getting a decent lift to close out the week on the lighter-than-expected PCE Price Index report.

Today traditionally marks the start of the so-called "Santa Claus Rally," thought some are concerned that the December rally so far has stolen from that possibility.

I'd love to see the SPX get above Wednesday's $475.90 high to negate that big red candle, but that may take a day or two.

I do think we can have another shot higher into year-end, especially in large-cap tech.

This market has proven again and again that it focus on setups instead of trying to predict recessions and crashes.

So let's stay cautiously optimistic and take things day by day.

Now let's go over our Power Plays:

Alphabet (GOOGL) was looking mighty shaky for a while but it's turned up nicely, crossing over $140. This Gemini AI controversy was bought, and it looks ready to hit new highs in January. I want to see a strong close over $141 though.

Amazon (AMZN) hit $155 on Wednesday and it looks like it's rebuilding for another move higher. If the Santa Claus rally really gets going, this should be a leader.

SPDR Gold Trust (GLD) is still one of my favorite plays into 2024. It gapped up this morning on the light PCE Price Index number. I'll be looking to buy dips of we get them.

UiPath (PATH) has been a bit frustrating, but it's still hanging in there. With high-beta tech doing so well, I'd have thought PATH would be up more. I'll keep a close eye on it just in case.

Microsoft (MSFT) joined the Power Plays family on Wednesday as I think it can accelerate into year-end. The chart is getting very tight here and looks ready to resolve higher.

Have a great weekend!


Scott Redler Positions Disclosure as of 2023-12-22 at 10.05.36 AM