TLT Is the Boss Now
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Last Wednesday, the trade changed when the Fed gave a hawkish spin on next year, with 50bps of expect cuts vs. the 100 the market wanted.
SPX broke 6030 so I lightened up on position size and quantity.
In Power Plays, we exited TeraWulf (WULF), Intuitive Machines (LUNR), Citigroup (C), and Apple (AAPL).
Futures are flattish, and it’s hard to tell what will happen this week.
I'm watching rates very closely because that's what dictating sentiment. Equity markets don't like when the 10-year yield makes new highs. TLT made a low of $87.50 last week. If it can hold above that this week, we have a shot at a bounce. If it breaks, we could be in trouble.
So put that on your screen and watch it closely.
Yes, we'll keep tracking names like TSLA, AMZN, META, etc. — but when it comes to market direction, rates are the boss now.
Now let's get into some names.
NVDA lost special status with the Red Dog Reversal on earnings day around the $149.76 pivot. We've had some range trades, but that's all. Friday, it didn't make a new weekly low and rallied hard. I did take some long vs. $126.80. I'll trim and see if it builds.
AVGO had a gap-and-go post-earnings and went to a high of $251+. Swing longs want it to hold $211ish. It was upgraded today. I’d be trimming. Pivot resistance is $228ish, then the post-earnings high at $251.88 could come into play.
RDDT re-built fast as it was one of the few stocks that held the 8-day. Some are long vs. the $157 area. We'll see if any high-growth stocks can make new highs this week. If so, this is a candidate. The first step is getting and staying above $174. Then $181 comes into play.
I started buying OXY as a January Effect play a little early. News that Buffett added helped. I'd think it has room back to the $50 area or higher.
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*Scott Redler Positions Disclosure as of 2024-12-23 at 9.32.29 AM
