Power Plays Weekly Roundup
February 23, 2024
By Scott Redler
What a week!
Things started to feel shaky early in the week and it felt like there was risk of a change in character.
But Nvidia's (NVDA) big report after the close Wednesday put the bulls back in control.
And this morning the market is opening at yet another all-time high, though I would not be surprised to see us put in a digestion day.
If we do get some sideways action, that should give us the opportunity to put on more Power Plays early next week.
So I'm glad we've been doing our best to participate in the upside this month rather than predicting the end of the world.
Long term, the bull market wins.
And on short time frames, we look for opportunities to generate potential alpha.
Just avoid being stubborn because that will get you hurt in this market.
Now let's go through our names.
Goldman Sachs (GS) looks like it's finally ready to resolve higher out of the channel. The banks have been strong so I still like this setup.
SPDR Gold Trust (GLD) has been frustrating to say the least. But it's still hanging in there so we'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 finally perked up last week and appears ready to make a real move.
On Holdings (ONON): this name has come up faster than I expected so we've trimmed twice already. We'll let the rest ride for now. Earnings are in late March.
MongoDB (MDB): this name was a monster early in the month, and we locked in a small gain on half of it. It's off the highs but hanging in okay for now.
Have a great weekend!
-Scott
Scott Redler Positions Disclosure as of 2024-02-23 at 8.27.19 AM