Power Plays Weekly Roundup
July 5, 2024

By Scott Redler

We're seeing nice traction in tech today following the nonfarm payrolls report, which is good to see since Power Plays has been focused on this area.

Frankly, the power of some of these has caught me off guard though I'm not complaining.

However, we do need to be a bit more careful up here because tech is in danger of overheating.

And remember, next week we have the CPI report, PPI, plus bank earnings Friday.

So there is potential for some profit taking up here.

For that reason, I'm taking these actions for Power Plays:

  • Take off another 1/4 of Microsoft (MSFT), leaving us with 1/4 left
  • Take off 1/3 of Meta (META), leaving us with 2/3

Now let’s look at our current Power Plays:

Rivian (RIVN): I added this last Thursday as it looked like it would digest its mixed delivery/production numbers. The stock then surged to $15.31 on Wednesday, though it's off since then. It's definitely a tricky name but has big potential if the market holds in.

Amazon (AMZN) was frustrating for so long but it finally came to life last week. And just now, it hit a fresh high of $200.55. It probably need a little time to digest so I would not chase it. If you haven't taken profits here yet, I would.

Apple (AAPL) has been an absolute monster, and just nearly reached $225. I'd be taking profits up here. I would not chase it. I'm looking for pullbacks to reload.

Meta (META) has been quite a tricky name, but it looks great today, showing some nice relative strength. It's nice to see it finally kick in. It has potential to break through $530 though I'd rather play it safe in this environment.

Microsoft (MSFT) has been in full-on beast mode and is hitting new highs today.

Have a great weekend. You earned it!


Scott Redler Positions Disclosure as of 2024-07-05 at 10.02.11 AM