Power Plays Weekly Roundup
March 22, 2024

By Scott Redler

This report will be short as I'm on the road.

The big news this week was the dovish FOMC, which took a lot of bears by surprise as we saw nice strength in smalls caps, biotechs, financials, tech, and metals.

And I was happy with the way Power Plays was positioned, though obviously Apple (AAPL) has been disappointing thus far.

Thursday was a tricky day with lots of tech names going green to red, and the metals came in hard and fast.

This is turning into a very stock-specific tape, so we'll be very careful in looking for new Power Plays.

Be careful out there.

Now let's dig into our names:

SPDR Gold Trust (GLD) accelerated on Wednesday and Thursday post-FOMC

Occidental Petroleum (OXY) has benefited from the strong rotation into energy this month, so I'm glad we stuck with it. I wouldn't be surprised to see it consolidate a bit here.

Morgan Stanley (MS) resolved its super-tight pattern higher, which was nice to see, so we took off a third on Thursday, bringing us down to 2/3 of the original position.

Goldman Sachs (GS) finally woke up this week and smashed through $414 yesterday. We used the strength to take this down to 25% of the original position. It has room higher but I wouldn't chase it.

Apple (AAPL) got hit this week on the DoJ lawsuit, but that was at least somewhat telegraphed. So while the stock may be rocky near-term, I think it will recover.

Amazon (AMZN): I added this last week as it seemed ready to follow Microsoft (MSFT) higher. Amazon had a big post-FOMC rally, and still looks good.

Have a great weekend!


Scott Redler Positions Disclosure as of 2024-03-22 at 8.31.32 AM