Power Plays Weekly Roundup
April 12, 2024

By Scott Redler

Before we start, we'll take off another 25% of our SLV long, leaving us with 25% remaining. The precious metals have been on a tear as of late but I want to remain prudent with risk management.

We are heading into a very tricky weekend after a heavy news flow the past few days.

We had the hot CPI, the cool PPI, and mixed bank earnings.

Plus the WSJ is reporting that Iran may attack Israel, which is sending commodities higher.

Right now, traders should be watching the SPY $515 level, which is micro support. If that doesn't hold, $512 is the next key level to watch lower.

As long as that holds, it's hard to get too bearish.

That said, with all the crosscurrents happening, it's smart to be ready to switch things up.

But we'll keep looking for new opportunities as they present themselves.

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

Global X Uranium ETF (URA): uranium looks set to break out in the weeks or months ahead, which is why I added URA to Power Plays Thursday. If it gets and stays above the $32 area, it has big potential.

BITO May 3 $33 Calls: Bitcoin is building a huge upper wedge which I expect to resolve higher. As long as Bitcoin holds the $68,000 area, it has the chance to break out above $72,600.

Microsoft (MSFT): I added MSFT to Power Plays Monday and then decided to double up the position on Thursday. I expect it to follow in AMZN's footsteps to break to new highs.

iShares Silver Trust (SLV) has been a monster for us, and we'll let the remaining 25% ride for now. I just with we'd hung onto some GLD too.

Amazon (AMZN) hit new highs again Thursday and it's looking just great. This is why it pays to focus on leaders.

-Scott

Scott Redler Positions Disclosure as of 2024-04-12 at 9.07.44 AM