Power Plays Weekly Roundup + Taking Off Half MDB
February 9, 2024
By Scott Redler
We'll start off today by taking half of MongoDB (MDB) off Power Plays here.
It's gone straight up since we added it Monday and I want to lock something in to play it safe.
The SPX and QQQ will open at record highs today, which I'm happy to see as we've been opportunistic in looking for new ideas this year rather than predicting tops.
This week, we saw many traders out there calling for 2-5% pullbacks, but we haven't seen that happen, obviously.
I still don't think we can throw caution at the wind and just buy everything in sight, but grinding uptrends like this are why we value trends over opinions.
And it's why I'm still on the hunt for new setups.
Remember drawdowns are part of the game, but over the long run, the bull wins.
Now let's go over our Power Plays:
SPDR Gold Trust (GLD) has been slow to get off the ground and it's been pretty frustrating to sit around waiting for ignition. I'll stay with it for now.
Occidental Petroleum (OXY): we added OXY to Power Plays a few weeks ago to benefit from a possible rotation into energy. It has been slow but is perking up a bit.
On Holdings (ONON): we added this yesterday as I love the brand and see plenty of runway for upside into earnings in March. It's far off the highs so might play catch-up to the $32 area in the coming weeks.
MongoDB (MDB): as noted above, we are taking off half this morning into the early strength. The chart looks great but the smart move is to play it conservative and lock in gains as we go.
Enjoy your Super Bowl weekend!
Scott Redler Positions Disclosure as of 2024-02-09 at 8.22.35 AM