Power Plays Weekly Roundup 

February 16, 2024

By Scott Redler

This was quite an interesting week for the market.

Semiconductor and AI stocks are still raging, thanks to lots of bullish analyst reports and Applied Materials (AMAT) strong earnings report yesterday after the close.

And the market basically shrugged off hot CPI and PPI reports this week.

The strong action is why we stay cautiously optimistic about the market while focusing on setups.

Right now a lot of traders are blowing up because they are obsessed with prediction tops.

The smart move is to let the market do the talking, and jump on opportunities when they come.

We added 2 new Power Plays this week - Advanced Micro Devices (AMD) and Goldman Sachs (GS).

Usually we average one new name per week, but sometimes I will get more aggressive when the time is right.

And on the flip side, when the market looks weak, the pace of ideas will slow.

If you are one of the 200+ people that joined Power Plays this week, keep that in mind.

I will never toss out an idea just for the sake of it.

Now let's go through our names.

Advanced Micro Devices (AMD): we added this Wednesday and it's off to a good start thanks to the solid AMAT earnings report. We'll see if it rallies into the Nvidia (NVDA) report Wednesday.

Goldman Sachs (GS): we made this a Power Play Thursday as it looks ready to resolve the channel higher.

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 as it refuses to break down.

Occidental Petroleum (OXY): we added OXY to Power Plays a few weeks ago to benefit from a possible rotation into energy. It finally perked up this week thanks to a solid earnings report.

On Holdings (ONON): we added this last week as I expected it to rally into earnings in March. It's come up faster than I expected so we've trimmed twice already. We'll let the rest ride for now.

MongoDB (MDB): this name has been a monster in February, and we took off half last Friday to lock a small gain in. It's come off the highs but still looks good.

Have a great weekend!


Scott Redler Positions Disclosure as of 2024-02-16 at 9.36.00 AM