Power Plays Weekly Roundup
+ New Idea: AMZN
November 1, 2024
By Scott Redler
Before we start the Roundup, we'll add Amazon (AMZN) as our newest Power Play right here.
Their earnings report was fantastic, and it looks primed to break though resistance around $200.
It needs to hold the $178 to $188 area.
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The market has been on shakier ground this week with the Thursday sell-off, but in all, things are holding in decently heading into the election next week.
Right now, we should not get carried away with opinions on what "should" happen.
Let's take things day-by-day and focus on finding stock-specific opportunities.
As of late, I've been taking risk down.
And as you've noticed in Power Plays (and in my disclosures below), we've been doing more trimming than adding.
If you notice, I hold way more options than stocks.
This is because we are facing a big binary event (the election) and I want to keep my risk defined.
Now let's dig into our names:
Tesla (TSLA): I added this as my #1 election play last week. It had a great rally up to $273.54. Now that it's come back down again, the setup looks very good again.
Eli Lilly (LLY) 11/1 $990 Calls: I added these for earnings this week. Unfortunately, these will expire worthless today for a total loss.
Terawulf (WULF) has been great to us but we need a stronger sustained move in Bitcoin for it to keep going.
AST SpaceMobile (ASTS) took off fast after it became a Power Play, and I'm glad we took off 75% at higher prices. It's since come back down to Earth.
iShares Bitcoin Trust ETF (IBIT) still looks primed to rally into Thanksgiving, though I did take off 25% for Power Plays just to manage size.
Nvidia (NVDA): we just have a trailer on here, but it's been a fantastic performer for us. It needs to hold $132 now.
Have a good weekend!
-Scott
Scott Redler Positions Disclosure as of 2024-11-01 at 9.41.45 AM