Power Plays Weekly Roundup
January 26, 2024

By Scott Redler

It's been a great week for us as many of our Power Plays have been performing well.

But I'm exercising a bit of caution into next week, which is a big one with the FOMC decision Wednesday, the jobs report on Friday, plus earnings from Apple (AAPL), Amazon (AMZN), AMD (AMD), Microsoft (MSFT) and others.

The market may be in for some digestion near-term as things feel a little sluggish.

The small caps keep disappointing, and tech is at risk of overheating.

For now, I want to see the SPX hold the 4865 area to keep the upper momentum intact.

I may not introduce new names next week, though if I spot the right opportunity, I"ll relay it to you right away.

Now let's go over our Power Plays:

Eli Lilly (LLY) started the year in a big way with a power move up to new all-time highs. But I'm glad we took off half higher. For now I want to see it hold the $610 area.

Amazon (AMZN) got a boost from Netflix' (NFLX) strong earnings this week and it's finally looking ready to get over the $160 area.

SPDR Gold Trust (GLD) has been slower than I expected, and I'm a bit frustrated. But I'll be patient for now in waiting for it to ignite.

Microsoft (MSFT) finally got over the $400 area this week, which was great to see. The AI news flow (especially SMCI's big guidance bump) has been helping MSFT, but the stock may rest for a bit here.

Alphabet (GOOGL) has also benefited from the AI news flow this week, though I did take off another third for Power Plays on Thursday because it looked stretched.

Occidental Petroleum (OXY): we added OXY to Power Plays on Monday as a way to play a possible rotation into energy. It's been grinding up slowly, which is what I'd expect from a name like this.

Have a great weekend!


Scott Redler Positions Disclosure as of 2024-01-26 at 12.53.41 PM