Power Plays Weekly Roundup
June 21, 2024

By Scott Redler

This was another interesting week.

The big news this week was the sell-off in semiconductors and AI names on Thursday -- something I predicted in the Redler Report newsletter and Alpha Team VTF®.

That's a sign that we need to be on our toes, especially into today's triple-witching expiration.

We also have to stay on guard for a general rotation away from technology, though our tech names look solid outside of Meta (META), which needs to get back in the game.

Lately, there's been a lot of talk about how the market's been driven by a small number of stocks, namely Nvidia (NVDA).

Whether that's true or not, we have to remember our mission: find what's working right now.

We can't sit around hoping things broaden out.

We have to trade what's in front of us, not what we wish was in front of us.

With that said, let’s look at our current Power Plays:

Amazon (AMZN) looks like it can benefit from a near-term break in the semiconductors and AI names. It's showing relative strength today which is nice to see.

Apple (AAPL) has been great to us and recently came back down to Earth. However, it feels ready to shoot higher so I am long some June 28 and July 5 $220 calls. I wouldn't chase it right now, but if it sells off into the close, I may add.

Meta (META) has been a bit frustrating but we'll stay patient for now. It needs to break above the $515 area to get a rally in motion.

Microsoft (MSFT) has been looking good and is hovering near all-time highs. It's looking good and might be forming a bull flag up here.

SLV June 21 $30 Calls: unfortunately SLV did not extend higher as I expected so these calls will expire worthless today.

Have a great weekend. You earned it.


Scott Redler Positions Disclosure as of 2024-06-21 at 11.25.20 AM