Power Plays Weekly Roundup
November 22, 2024

By Scott Redler

We're closing out another very busy week in the markets.

Nvidia's (NVDA) report was strong, but not quite strong enough. Thankfully, it didn't cause any real problems for tech as a whole.

And of course, Bitcoin has been on fire and coming ever closer to the $100,000+ mark. I hope you participated in our Power Plays crypto ideas over the past couple of months.

This is a seasonably strong time for the market, so we could see more upside into Thankgiving.

However, it is still a fairly stock-specific environment.

Names like Google (GOOGL) and Microsoft (MSFT) are struggling while various sectors like nuclear and fintech remain impressive.

We added two new ideas this week (TSLA & UNG), and I'll be on the hunt for new Power Plays.

Now let's dig into our names:

Tesla (TSLA) is re-emerging as a "Go To" tech stock. As long as it stays above the $330 area, there is potential for a high-volume move over $348.50, then $359. Depending upon what I see in this name moving forward, I may want to add into strength.

United States Natural Gas Fund (UNG): I added this to Power Plays on Tuesday because natural gas sometimes has violent rallies into year-end. We used strength take off 1/3 on Thursday. But I see more upside ahead.

Apple (AAPL) has been grinding along but I am still looking for a big breakout here. I suspect many people will be caught off guard by its strength.

Amazon (AMZN) has been tricky because of inside selling pressure. So I'm glad we took off 1/3 for Power Plays higher. There is still potential for $220+ by year-end.

iShares Bitcoin Trust ETF (IBIT): we hanging on to a trailer for now as I still believe Bitcoin is headed to $100,000 soon. However, I would not be chasing crypto names up here.

Have a good weekend!

-Scott

Scott Redler Positions Disclosure as of 2024-11-22 at 8.13.36 AM