Power Plays Weekly Roundup + Adding GOOGL
March 31, 2023
By Scott Redler
Editor's Note: Scott will be on vacation next week so there will be fewer Power Plays updates.
Before we get into the roundup, I want to add Google (GOOGL) as our latest Power Play.
Name: Google
Ticker: GOOGL
Price: $102.15
Needs to Hold: $94 to $99
Price Objective 1: $106 to $111
Price Objective 2: N/A
GOOGL looks primed to play catch-up to leaders like Meta (META) so I want in.
If GOOGL gets over the $102.50 area, it could break over $106.
Now let's dig into the overall action.
Tech is still showing strength and that's been good for our Power Plays names, especially Al, which I added yesterday morning.
However, I think we do need to be a bit careful next week because the market might need a little digestion after this big move we've seen.
In fact, I shorted some SPY $409 calls for next week as a hedge.
Still, this is a classic case of why we respect price action.
The market just shook off some big bank failures, higher rates, and an earnings mess at Micron (MU).
I'd still keep an eye on the banks. If there is real trouble there, the sellers might gain a little traction. I'd watch KRE, FRC, and SCHW
Now let's go over our current Power Plays:
Apple (AAPL): I took off half for Power Plays last Wednesday just to be safe. It just hit $163+ which was impressive and I think it looks great for now.
Microsoft (MSFT): This name earned go-to status because of strong technicals and the Al story. It's seeing a little selling today, but it could use the day off. if this market hangs in, this
name should be a big outperformer. You have to have it on the radar.
C3.AI (AI): It's putting in a huge move today and it could head over $33 sooner rather than later. I trimmed a little bit, but I'm staying with some. I also own $30 calls out 2 weeks.
Amazon (AMZN): It hit $103+ and still looks good. Like GOOGL, I think it's going to play catch-up in the near term which should propel it higher.
Have a great weekend. Get some rest and relaxation because you earned it.
-Scott
Scott Redler Positions Disclosure as of 2023-03-31 at 11.27.26 AM