Power Plays Weekly Roundup
April 26, 2024

By Scott Redler

Earnings season is heating up and the theme is definitely "Haves and Have Nots."

Microsoft (MSFT) and Google (GOOGL) were big winners on Thursday... but that was right after Meta (META), IBM (IBM), and ServiceNow (NOW) disappointed.

So you need to be aware of why you own what you do, and what you're willing to risk.

The week ahead will be busy with earnings from Apple (AAPL), Amazon (AMZN), AMD (AMD), and Super Micro (SMCI).

Plus we have the Fed Rate decision.

The good news is we are getting plenty of post-earnings gaps to look for new opportunities. That worked well for us last quarter, so we'll look to repeat that success.

Now let's look at our current Power Plays:

Global X Uranium ETF (URA): this ETF is tricky because it can hint at a breakout before coming back down. If it can get over $32 with authority, it has big potential. I still believe it can happen.

BITO May 3 $33 Calls: Bitcoin looked like it was building a wedge higher, but it's been pulled down off the highs with other risk assets. Unfortunately, these calls likely won't work.

SLV May $17 $28 Calls: we switched to calls in SLV last Friday after taking profits in the ETF. I'd like to see SLV stay above Thursday's low of $24.81 to keep this in the game.

 

-Scott

Scott Redler Positions Disclosure as of 2024-04-26 at 10.46.29 AM