This was a very tough week.

The Fed's "hawkish cut" was not well received because of the updated dot plot indicating fewer-than-expect cuts in 2024.

And as a result, SPY sliced through the key $602 level I outlined in last week's Roundup.

On Wednesday, we de-risked in Power Plays, taking off Citigroup (C), Apple (AAPL), TeraWulf (WULF) and Intuitive Machines (LUNR).

And thankfully, we took off Tesla (TSLA) and iShares Bitcoin Trust ETF (IBIT) into strength on on Tuesday.

The market is back in price discovery mode, and I'm looking to be a sniper, waiting carefully for opportunities.

And I'm trading much less overall.

Month-to-date, most sectors are down, and SPY/QQQ are being held up by just a few big stocks like Tesla and Apple.

And small caps have been hit very hard.

So now I'm looking to see which sectors and names (if any) can take the leadership baton.

That will help me find our next Power Play.

Now let's dig into our names:

AST SpaceMobile (LUNR): this satellite broadband play took a hit since we added it, but it's having a decent reversal today. We'll see if it extends. I'd like to see it hold the $19 to $21 area. If it can't, I'll look to switch gears.

Meta Platforms (META) has been roughed up a bit since it hit $638.40 on December 11, but it looks fine overall. However, I'll be watching it closely to see if we should hit the eject button.

United States Natural Gas Fund (UNG) has been acting great this month, up about 6%. It's one of the few sectors still working so we'll stick with it.

Have a good weekend!

-Scott