Power Plays Weekly Roundup
May 3, 2024

By Scott Redler

Before we get started, we'll take off the second half of Snap (SNAP) here to lock in the gain.

The market cleared the inside wedge that's been building, and there is a good chance we see more upside from here.

The market's responded well to heavy news flow over the past 2 days (AAPL/AMGN earnings, plus the NFP/ISM economic numbers), and tech appears poised to extend.

So we are adding 4 new Power Plays today.

This is an aggressive move and I urge you to be careful with sizing.

But I believe the risk-reward in tech skews to the upside.

These are the 4:

  • Long Apple (AAPL), which needs to hold the $175 to $182.66 area after a great earnings report
  • Long Amazon (AMZN), a leader which responded well to earnings. The $176 to $184 area needs to hold
  • Long Google (GOOGL), which needs to hold the $155 to $162 area.
  • Long Nvidia (NVDA), which needs to hold the $790 to $830 area. It's in the middle of an upper channel, but leads and can get back to the highs.

If the market pulls back, we'll have to pivot quickly, but these are my favorite names now.

Now let's look at our current Power Plays:

Global X Uranium ETF (URA): this ETF got a boost this week after the US banned Russian uranium imports. But remember, we still need the price action to confirm the power of good news. I'd like to see it get and stay above $32.

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. These calls will expire worthless today.

SLV May $17 $28 Calls: we switched to calls in SLV two weeks ago after taking profits in the ETF. Unfortunately this calls have a low probability of working here.

Have a great weekend.

 -Scott

Scott Redler Positions Disclosure as of 2024-05-03 at 11.17.27 AM