The Curious Case of Amazon vs. Jeff Bezos
Brought to You By Scott Redler's Power Plays – Get My #1 Idea Every Week.
We have mixed markets around the world as we prepare for election week. A few weeks back, everyone loved the Trump trade. Then the past week or so, TSLA, DJT, and Bitcoin corrected.
Now some think that Harris has the edge because alt energy is higher. Know your risk and time frame because anything can happen this week.
SPX‘ low last week is 5703. Under that is the 5650-5670 area which was a key spot below. And above, the 100-day is 5570. 5775 is above with a gap that fills to 5811.
Now let's dig into some individual names:
RDDT gave Power Plays one of our biggest wins of the year from $67.81 on October 3 up to $114 on Friday. We'll see if it holds the $104 pro earnings gap.
AMZN gapped up and the $200 offer was thick. It turns out Bezos was a limit seller again. He sold 16 million shares. He suffocated the name the same way back in July. We'll see how it acts this time. The gap pivot is $197ish. We'll see if that gets reclaimed today. $192ish needs to hold. Otherwise, this gets sloppier and less attractive.
CCJ hit a high of $58.72 and now looks more like a false breakout. See if it can hold the 50-day near $49ish now, which might provide a re-entry opportunity.
Nuclear names OKLO, SMR, and NNE hit highs last week and need time. Strong names with momentum usually hold the 8/21-day. When that changes, you adjust.
GLD hit historic highs at $257.71. Congrats to all that accumulate monthly or trade actively. It pulled in a bit. We'll see if it holds the 21-day which has been support since the most recent active sequence that started when it cleared $222.
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Your Tip for This Week: Live a Balanced, Healthy Life
If you’re happy and healthy, you’ll think more clearly when trading. So tackle your personal problems as best you can. A good home life means a sound mind.
And when you can, put your body to work and let your mind get away from the markets. You don’t have to run a marathon. Play basketball. Lift weights. Or just take a walk.
There’s a time to work hard, and there’s a time to settle down. You need both in your life.
This Week's Calendar
The US Presidential election is obviously on everyone's mind this week. But we also have the FOMC on Thursday plus earnings from key tech names like QCOM, ARM, and ANET.
P.S. Don't forget to check out Scott Redler's Power Plays!
*Scott Redler Positions Disclosure as of 2024-11-04 at 9.44.01 AM
