Power Plays Weekly Roundup
March 28, 2024

By Scott Redler

Since the market is closed Friday, I'm sending the Power Plays Weekly Roundup today instead to make sure you are up to date on our strategy.

The market has been going through a series of regular rotations into different sectors.

The action has been somewhat tricky, with strength being tough to buy.

But I think we've navigated things well since we've had exposure to strong parts of the market like energy, tech, banks, and precious metals.

The bears have been complaining that the rally has been too narrow but that's not true.

Since the October bottom, the normal SPX and the equal-weight SPX have performed pretty much the same.

And there have been plenty of winners outside the Magnificent 7 and AI names that have dominated the headlines.

We did close out Apple (AAPL) for a small loss earlier in the week, and I'm glad we did because it does not look healthy.

Now's the time to take a look at your positions and assess how much short-term risk you're comfortable taking.

While the market is closed tomorrow, the PCE report hits plus Powell is speaking.

So that could create some volatility on Monday.

That said, I'm happy with our mix of names.

Let's dig into them:

Amazon (AMZN) is my current favorite large cap tech name. I expect it to continue higher into earnings season.

SPDR Gold Trust (GLD) accelerated last week after the FOMC and still looks great. This still has big upside potential though it could use a few days off to recharge.

Occidental Petroleum (OXY) has been a great performer for us as energy came into favor. However, I would not be surprised to see it consolidate a bit before continuing its uptrend.

Morgan Stanley (MS) was in a holding pattern for a while, but it's really come alive as of late. I still like it and expect it to rally.

Goldman Sachs (GS) finally woke up last week and has been good to us. It could use a rest but looks like it will ultimately resolve higher.

Have a great weekend!

-Scott

Scott Redler Positions Disclosure as of 2024-03-28 10.47.41 AM