Power Plays Weekly Roundup
November 8, 2024

By Scott Redler

Wow, what a week!

The Election was great to us as Tesla (TSLA) and Bitcoin were the big winners.

It goes to show you that you need to be ready for anything in this market.

I don't know how many times this year we've heard that the SPX went "too far too fast," yet here we are sitting near 6000.

Now, even though I haven't been super bullish on the markets at every turn the past few months, we have consistently found solid setups.

And the action off the September 11 bottom has been spectacular.

Near-term, we'll see if SPX digests above the 5940 area. And I'd like to see QQQ hold $508.34.

Now let's dig into our names:

Apple (AAPL): this joined Power Plays yesterday as I think it can resolve higher. However, it may be more of a slow grinder than a superstar like TSLA/AMZN.

SPDR S&P Biotech ETF (XBI): biotech has been very tricky this year, and prone to misdirection. But I believe it can break through this $103 resistance area one and for all.

Amazon (AMZN) finally broke through that $200 wall to hit $212.25 yesterday. It can see $220 by year-end.

Tesla (TSLA): I added this as my #1 election play two weeks ago, and it's been great. Now it's knocking on the door of $300!

Terawulf (WULF) was a monster winner this week thanks to the Bitcoin surge. We have 25% left and I will let it ride for now.

iShares Bitcoin Trust ETF (IBIT) still looks great and I think it can rally big into Thanksgiving.

Nvidia (NVDA): the semis have been tricky, but NVDA has been great. We have just 25% left. If it gets over the $150 area, we may bid it goodbye!

Have a good weekend!

-Scott

Scott Redler Positions Disclosure as of 2024-11-08 at 9.07.58 AM