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Nvidia #1 – But for How Long?

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Brought to You By Scott Redler's Power Plays – Get My #1 Idea  Week.

SPX futures are +30 after Friday gave us clues to put on more risk. The leaders leaders acted well and the SPX took back the 50-day.

The neckline near 5832-5866 served as better support, and now we’ll see if they blow out the right shoulder with a strong close above the 6006 area. That would negate the bear case.

I added NVDA to Power Plays on the open Friday after the stock regained leadership status. It's the #1 Mag7 name to kick off the new year. And the game plan is to trim into this morning's strength. CEO Jensen Huang is doing a keynote at CES tonight, but the stock's already moved quite a bit. But I'll be looking to buy weakness because I see more upside in the weeks ahead.

AVGO still looks great. We highlighted it as a leader last week. And if markets continue higher, $251+ can happen in the days or weeks ahead.

META had a decent close Friday. I have calls on, and it's still a Power Plays name. Now we'll see if it gets and stays above $611.50 to start a sequence higher. $616ish is above that.

NFLX stopped out most active longs around $915 and hit a low of $877 last week. Not much to do here as it tries to figure out what's next. It's below the 8/21-day now, so it's time to be tactical.

I bought CCJ back after its corrective phase when gave it $51.60 to buy against. Now, we’ll see if it starts trading better. The first obstacle is to hold early gains and build.

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*Scott Redler Positions Disclosure as of 2025-01-06 at 7.28.17 AM

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