Power Plays Weekly Roundup
October 11, 2024

By Scott Redler

What a week!

SPY hit a string of record highs, including a short trip over $580 today thanks to strong action in the banks post-earnings.

It's impressive that this happened with the hot CPI and PPI reports, plus the underwhelming Tesla (TSLA) event.

It's just another example of why you should hunt for setups instead of looking for reasons the market will crash.

The SPY is now up 23% year-to-date, which is very impressive considering the index ran about 24% last year.

Every time it looks like we've gone too far too fast, another sector steps up. In Q3 it was the utilities and energy. And now the semis like Nvidia (NVDA) are coming back to support the bull case.

You probably noticed that I've been sending out an awful lot of ideas as of late -- way more than you were promised when you bought this newsletter.

It's because when I see something I like, I'd rather not hold back. I like overdelivering.

And of course, there are down times when there are fewer actionable setups.

So hopefully, I've helped you participate in this rally.

Now let's dig into our Power Plays.

Microsoft (MSFT) just put in a higher low and looks poised to strengthen into earnings. It needs to hold the $407 area now.

Square (SQ) has been looking great and looks ready to benefit from the fintech boom. It will also be driven by strength in Bitcoin.

AST SpaceMobile (ASTS) is a satellite play and looks like it's going to break its downtrend.. Off-the-grid data and phone access is becoming a big trend and ASTS is a prime player.

GE Vernova (GEV) is one of the hottest power/utility plays in the market. It's been a powerhouse for us.

Mirion Technologies (MIR) is rallying on the boom in nuclear plays, and has been a standout performer this month. It could use a few days of consolidation.

iShares Bitcoin Trust ETF (IBIT) has been frustrating to say the least, but it's perking up nicely today. I still expect a strong seasonal rally into Thanksgiving.

Nvidia (NVDA) has been a monster this month, but I'd wait for a fresh setup. It's not the time to chase it.

Dell (DELL) is looking better again as the AI/semis trend shapes up again because strong demand for things like Nvidia's AI chips means higher demand for Dell servers.

Doordash (DASH) has been on fire and one of my best swing trades of the year. This is a classic "buy the dips" name. And I'm looking to pick up calls into earnings.

Meta (META) is still the best looking of the Mag7 names, but it can be a pain in the you-know-what at times. I'm waiting for a pullback to reload.

Have a good weekend!

-Scott

Scott Redler Positions Disclosure as of 2024-10-11 at 10.51.30 AM