Power Plays Weekly Roundup
December 6, 2024
By Scott Redler
Before we get started, I want to wish a warm welcome to our new Power Plays members that joined this week. Thank you for letting me help you on your trading and investing journey.
The big story this week was Bitcoin finally getting over $100,000 - which we've been talking about in Power Plays since early October.
And we positioned well with iShares Bitcoin Trust ETF (IBIT), Terawulf (WULF), and Microstrategy (MSTR) -- though obviously I wish I'd held onto MSTR longer!
However, that may have marked a short-term top for crypto, and Bitcoin may need a little time to rebuild for another move higher.
Overall, this market has been great because we've been getting regular rotation between sectors and names.
One week, we'll see mid-cap momentum names flying, and the next, the Mag7 will be back in charge.
This is healthy because it means strong buying demand for equities on the whole.
We have a pretty busy calendar next week between the CPI, PPI, ECB Rate Decision, plus earnings from Oracle (ORCL), MongoDB (MDB), Adobe (ADBE), Broadcom (AVGO), and Costco (COST).
The market reacted well to today's jobs report, so our next step is to see if that takes anything away from a potential post-CPI rally.
As always, we'll keep a close eye out for new setups. So watch your inbox for alerts!
Now let's dig into our names:
Meta Platforms (META): We added this on Monday and it's off to a great start already, showing nice momentum since it broke over $603. I'll watch it closely to see if I want to take profits.
Terawulf (WULF) is the best looking crypto name right now and looks poised to blast higher so I'm sticking with it.
Citigroup (C) joined Power Plays two week ago as a play on the strength in financials. However, I'm starting to think I was late on this, so we took off half yesterday for a tiny gain.
Tesla (TSLA) has been skyrocketing since the election, and we're now down to a third. It might be getting ahead of itself.
United States Natural Gas Fund (UNG) is always tricky to trade because it's so streaky and unpredictable. But it can still rally into year-end.
Apple (AAPL) has been fantastic and making one new high after another. However, it's not a name I want to chase into strength.
Amazon (AMZN) has been rebuilding over the $204 area after it was dragged down by insider selling. It could have a big move next week.
iShares Bitcoin Trust ETF (IBIT): we have been hanging on to a trailer for Bitcoin $100,000, which happened Wednesday night. This needs a little time to rebuild. And as I said before, WULF is the best-looking crypto name right now.
Have a good weekend!
-Scott
Scott Redler Positions Disclosure as of 2024-12-06 at 9.26.44 AM