Power Plays Weekly Roundup
June 28, 2024

By Scott Redler

It's been a great week.

The big news for Power Plays subscribers was that Amazon (AMZN) finally gave us the breakout we were waiting for, and we've seen nice action in our other names.

I added Rivian (RIVN) on Thursday, which is truly a wild one -- but it has good breakout potential.

Remember that next week, the market closes early Wednesday and is closed Thursday for the July 4 holiday.

So we could see thin, choppy actions due to lower overall trading volume. That could be exacerbated by a couple of important data points - ADP Employment on Wednesday and the NFP report on Friday.

Today, the market responded well to the in-line PCE report, with tech and small caps showing relative strength.

This type of action is why we focus on setups and opportunities instead of trying to predict tops.

Now let’s look at our current Power Plays:

Rivian (RIVN): I added this on Thursday as it looked like it would digest its mixed delivery/production numbers. It did -- hitting a high of $15.12 this morning. But, it came back down pretty fast. It needs to hold the $12 to $13 area now. Expect a bumpy ride with this one.

Amazon (AMZN) was frustrating for so long but it finally came to life this week, hitting a new record high of $199.84 yesterday. Now it needs time to digest, which is why I took off half for Power Plays.

Apple (AAPL) has been digesting the move up to $220.20 quite well. It's now on it's 5th straight day up which is nice to see. However, it's not good to chase it. It's better to buy on dips.

Meta (META) seems to be getting in better shape. As long as it can hold today's low of $513.50, it looks good to make new highs.

Microsoft (MSFT) is still a powerhouse and just grinding up and up. However, I would not buy it up here. Like Apple, it's best bought on dips.

Have a great weekend. You earned it!


Scott Redler Positions Disclosure as of 2024-06-28 at 10.34.41 AM