Power Plays Weekly Roundup
May 10, 2024

By Scott Redler

The near-term theme for the market is digestion.

SPY just ran from $500 to $522 in a short time frame, so some sideways action would be healthy.

Next week we have the CPI (Wednesday) and PPI (Tuesday) reports, so it's probably best that we didn't run straight up this week to break the $524.61 all-time high from March 28.

The bulls want to see inflation easing in next week's reports, but that's far from guaranteed, so it's best that we're not extended even further.

We didn't add any new ideas this week, but remember we added 4 last Friday - so we've got plenty to work with, and I'm happy with how we're positioned.

Now let's look at our current Power Plays:

Amazon (AMZN): it hit $191.70 Thursday but unfortunately came back down Friday. I expect this name to lead and see it getting back over $190 next week.

Apple (AAPL): it's holding the earnings gap, and still looks fine. I'd think it can work higher into the WWDC event.

Google (GOOGL): the company has an event Tuesday where they will likely showcase some new AI efforts. It's been buyable on dips and looks like it can go higher.

Nvidia (NVDA): it shrunk off the ARM weakness well and got into the green today. It looks like it's building a bull flag to extended up.

Global X Uranium ETF (URA): this ETF got a boost last week after the US banned Russian uranium imports. The picture looks strong here, but it needs a powerful move over $32 to ignite. I'm staying patient.

SLV May $17 $28 Calls: we switched to calls in SLV three weeks ago after taking profits in the ETF. The metals perked up late this week but something big has to happen to avoid these calls failing.

Have a great weekend.

 -Scott

Scott Redler Positions Disclosure as of 2024-05-10 at 10.32.19 AM