Power Plays Weekly Roundup
December 13, 2024
By Scott Redler
I want to again wish a warm welcome to our new Power Plays members that joined this month.
This service has grown well beyond our expectations this year, and I hope I've helped you navigate 2024 with clarity and confidence.
This week, the market successfully absorbed an in-line CPI report and a slightly hot PPI. There seems to be growing uncertainty over what the Fed does next week (we could get a "hawkish cut"), but it's hard to argue with the price action.
For now I'd keep a close eye on SPY $602. As long as that holds, the market can stay in constructive shape.
The Mag7 names in particular have been rocking hard, so I'm glad we've focused on Meta (META), Tesla (TSLA), and Apple (AAPL).
Unfortunately I took off Amazon (AMZN) too early but we can't get everything perfect.
So the game plan again is to stay flexible while hunting for new opportunities.
I'm quite happy with how are names are performing, and I plan on being selective after getting pretty aggressive in October and November.
If you noticed, the pace of new ideas has been slowing, and that's normal when there are fewer ideal swing opportunities.
But over the long run, we'll probably always average a little more than 1 new idea per week.
Bitcoin is still a big focus for me. I do think there is potential for one more pop into year-end. S
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) has been simply beautiful for us, though it may need a little time to digest. I'd be looking to reload on dips.
Terawulf (WULF) might need a little patience to work because the miners are in consolidation mode as we wait for Bitcoin to ignite again. I still like WULF very much though.
Citigroup (C) joined Power Plays three weeks ago and we took off half last week for a tiny gain. It's not exactly a barnburner, but it looks fine for now.
Tesla (TSLA) has been the #1 Mag7 name since the election, so I'm glad we found so many ways to play it. It looks like it's ready to make new highs yet again, though I would not chase it up here.
United States Natural Gas Fund (UNG) is always volatile, and frankly, I wish I'd taken it off yesterday when it hit $15.42. Still, it's holding in fine for now.
Apple (AAPL) is trending well and continues to confound bears obsessed over news reports about slowing down. (always hard to tell if those are true) I don't like to chase this into strength though. I'm only a buyer on weakness.
iShares Bitcoin Trust ETF (IBIT): we have been hanging with a small trailer for a while now. Bitcoin looks solid for now but this is another name I only want to buy on weakness.
Have a good weekend!
-Scott
Scott Redler Positions Disclosure as of 2024-12-06 at 9.26.44 AM