Name: Eli Lilly

Ticker: LLY

Price: $586.73

Needs to Hold: $540 to $570

Price Objective 1: $630 to $660

Price Objective 2: N/A

I'm making LLY our newest Power Play right here.

The stock made a high around $630 in October, and it's drifted lower since then.

With the huge boom in weight loss drugs, I think LLY can regain its leadership status and head back to the highs.

If it can punch through that $630ish high, it has the potential to put in some big gains.

Since it's the New Year, I'm going to touch on our other Power Plays names:

MSFT: this name is getting some New Year's profit-taking, so it might be choppy near-term. The trade will be somewhat dependent on the overall tech action, so it might take time to get back in shape.

GOOGL also got hit this morning, and after a nice move in December, it's struggling to hold the 21 day, though it still looks better than most tech names.

PATH had a big pro gap in November, and I've been looking for another powerful move, but it's been far choppier than expected. It needs to hold the $22 area.

GLD held the 8 day and still looks good on all time frames. I'm just waiting for ignition.

Be careful out there, and make sure you know what you can handle. The first move of the year is often tricky, so mind your risk.

-Scott