Power Plays Weekly Roundup
December 29, 2023

By Scott Redler

What a year it's been!

It's easy to look at the SPY up 25% and QQQ up 54% this year, and think things were easy.

Reality was far more difficult, because this year was full of trap doors and misdirection.

The big question now is whether we see profit-taking in the first few days of the year.

Capital gains taxes on sales in the New Year get paid in 2025, so it will be interesting to see if any initial weakness get absorbed.

For now, I'm cautious, so I doubt I'll put on any new Power Plays in the first week of the year, unless I see interesting stock-specific opportunities.

I hope you have a Happy and Healthy New Year!

Now let's go over our Power Plays:

Alphabet (GOOGL) was looking mighty shaky for a while but it turned up nicely to hit $142.68 on Monday. It's pulled back a bit since then, which is no surprise given how far and fast it rallied.

Amazon (AMZN) looks ready to lead in early 2024, which is why I'm long stock and options. It's building a nice tight base which I believe can resolve higher in the New Year.

SPDR Gold Trust (GLD) is still one of my favorite plays into 2024. The daily, weekly, and monthly charts are all lining up in a nice way. A move above $193 can ignite it.

UiPath (PATH) has been frustrating, but it's still hanging in there. For now I still like it, but I'm keeping a close eye on it, just in case.

Microsoft (MSFT) is having a strong week and just got over Monday's high. Getting and staying above the $377 area is key here.

Have a great New Year's weekend!


Scott Redler Positions Disclosure as of 2023-12-29 at 10.22.58 AM