Power Plays Weekly Roundup
April 19, 2024

By Scott Redler

We're closing out another tricky week.

I'd have preferred a big down open today to wash things out and give us better setups for fresh longs, but things are flattish-to-slightly-down which is creating some frustration.

Netflix (NFLX) disappointed yesterday. And today, Super Micro (SMCI) is getting hit because they didn't raise guidance with their earnings date announcement.

That has tech showing some relative weakness.

Metals are pretty much the only thing working this month, so I'm glad we've had SLV as a Power Play.

But let's keep some perspective. The market had a huge rally from the October lows, and we've given back a few percentage points. Nothing wrong with that.

Let's just stay on our toes in case there's a real trend change in the days to weeks ahead.

Now let's look at our current Power Plays:

Global X Uranium ETF (URA): this name sometimes hints at a breakout, so it's been frustrating. It needs to get over $32 with authority, and I still see a good chance that happens. I suspect we have to be patient here.

BITO May 3 $33 Calls: Bitcoin looked like it was building a wedge higher, but it's been pulled down with other risk assets. On the positive side, Bitcoin held $60,000. We'll need a huge rebound for these calls to work.

Microsoft (MSFT): I cut down this position this week because it's been looking shakier. If the market stabilizes, MSFT can lead, but we have to be a bit more careful. It needs to hold the $377 to $397 area for now.

iShares Silver Trust (SLV) has been a nice winner for us, and we've let the remaining 25% ride. It had a big overnight move that came back in after Israel's strike on Iran, which was deemed measured.

Amazon (AMZN) hit new highs again last week but it's pulled in with the market. NFLX' disappointing report didn't help things, but AMZN may have just put in a big bottoming tail this morning. I'd like to see it hold the $168 to $176 area.

-Scott

Scott Redler Positions Disclosure as of 2024-04-19 at 9.37.59 AM