Power Plays Weekly Roundup
April 5, 2024

By Scott Redler

Prior to yesterday, it felt like the market was in a normal range, digesting big moves from the first quarter where certain stocks could outperform to remain in Power Plays.

After yesterday's action it's harder to tell, so if you're super active I would really honor your stops in case this does turn into the first corrective move of 2024.

Let's take a look at our current Power Plays:

Oracle (ORCL) we chased a bit into strength yesterday, which I apologize, as it was hard to see the selloff coming. It's still protecting its pro-earnings gap but if it trades into it it could probe lower. This needs to hold $116 to $122.

iShares Silver Trust (SLV) Silver is very impressive, if we didn't sell half already I would trim more but since we only have half left I'm going to stick with it. Showing nice resilience today.

Amazon (AMZN) snapped back the fastest after yesterday's sell-off, if we didn't already sell half I would sell half here. But the way it's acting I think we need to hold the rest.

Morgan Stanley (MS) we took some profits after a nice move in Morgan Stanley, with 2/3 left I think we still sit since we have a lot of room. If this were to break below the $90 area I would start to get concerned.

Goldman Sachs (GS) we made really good money in 3/4 of Goldman Sachs. Yesterday's candle wasn't the best actively but since we only have 25% left i think we give it to the $391 region.

SPDR Gold Shares (GLD) this has been a monster move for us and we've taken some off into some strength. Since we have already booked a lot of gains I think we let the last 1/3 ride because the measured move goes up to about $220 it could just take time.

-Scott

Scott Redler Positions Disclosure as of 2024-04-05 10.27.06 AM