Bitcoin + Tesla Go BOOM!
Brought to You By Scott Redler's Power Plays – Get My #1 Idea Every Week.
Welcome to the latest edition of Dog Bytes!
SPX futures are +17 to start the week after a huge post-election trade. Europe is broadly higher. China is still choppy with no continuity. SPX hit a high of 6012 thanks to Trump enthusiasm and string seasonality. Bitcoin, TSLA, IWM, XBI, and AMZN have been key names for us lately.
Now let's dig into some of our recent Power Plays names:
Bitcoin became my #1 theme on October 11th. It was $62ish and it hit $82k+. I'd always take some profits, but I'd think the Turkey Trot continues toward $85k by Thanksgiving. We participated in Power Plays via IBIT, WULF, and MSTR. I already trimmed my IBIT and WULF longs today.
AMZN broke a massive barrier by getting through $200 once and for all. It hit a high of $212+ last week and I sold most of my $202.50 and $207.50 calls. I'd think this holds $207ish and sees the $220+ area in the weeks ahead.
TSLA smashed through my $300-$315 forecast way faster than I thought. It went to $328+ Friday and is at $342+ this morning. I'll trim and trail. Do not get cute and fight this move.
XBI joined Power Plays on Wednesday because I expected it to break through long-standing resistance around $103. It's finally waking up and I exepct higher prices into year-end.
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Your Trading Tip for This Week: Have a Plan
I follow a strict set of risk management principles so I keep moving in the right direction. I respect key moving averages, pay close attention to the big trends, and keep losing trades in check.
And, most importantly, I enter every day with a plan.
When the market opens, I have a list of stocks I’m ready to buy or sell at specific levels depending on what I see.
This way, I’m ready to react instead of hoping to stumble onto opportunities.
Making a plan is not only important for my trading, but I consider it to be a major part of my job description.
This Week's Calendar
All eyes are on CPI, PPI, and Retail Sales this week. And we have some key names reporting earnings like HD, SPOT, CSCO, DIS, AMAT, and BABA.
P.S. Don't forget to check out Scott Redler's Power Plays!
*Scott Redler Positions Disclosure as of 2024-11-11 at 8.41.46 AM
