Monday, December 2, 2024

Is Scott Redler Now the "RED WULF?"

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Welcome to the latest edition of Dog Bytes!

SPX futures are flat and off the lows as we see if we can hold 5984 this week to keep upper commitment to this active sequence which started on September 11. Each week has a different feel. It's a new month so we should get some new flows to keep upper levels intact.

Markets are pricing in a 65% chance of one more 25 bps cut on 12/18, so this Friday's jobs report will be important. We still get some news/developments out of the incoming President. Mexico/Canada tariff risks seem reduced, and the BRIC countries will stay with the US Dollar.

Now let's dig into strategy points this week.

Bitcoin became my #1 theme on October 11. It had a beautiful move from $62Kish to $99k+. We participated along the way in Power Plays via multiple names.


On Friday, I added Bitcoin miner WULF back to Power Plays. Stanley Druckenmiller just upped his stake. And as long as it holds the $6 to $6.40, there could be very big upside in this one. So you can call me "RED WULF" this week, as long as this stock holds up of course!

TSLA re-built nicely last week and perked up Friday. I did get long shares again and went with $360 calls. It was upgraded this morning with more FSD rollout talk. We'll see if early strength builds.

AAPL: I've been buying dips the past few weeks as it re-built and worked higher. On Friday, it cleared $235 to see $237.81. It seems like this can rally into year-end. $233 needs to hold.

CCJ is the best-in-breed uranium play for institutions. The 50-day was buyable into the $50-$52 area and it hit $61ish. It needed to let the 8-day catch up and $57.11 held. We'll see if it tries for new highs again. Keep this on your radar.

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Your Tip for This Week: Don't Try to Fix Monday's Losses on Tuesday

Every day is a fresh start.

As traders, we must maximize the opportunities that are in front of us in the present moment.

Forget about what happened yesterday, and don't obsess over what may happen tomorrow.

Let's say you have a bad Monday. Don't come in on Tuesday thinking you have to make up for it.

You won't be able to manage risk because you'll be trading out of desperation.

We all have rough stretches. But if we follow our principles and enter every day with a plan, our good days will outweigh the bad.

Just take it one day at a time.

On the flip side, if you make a fortune on Tuesday, don't get lazy on Wednesday!

Stick to your plan and make the most out of what you see.

There's no reason you can't do better tomorrow.

This Week's Calendar

The jobs report this week is key because there is some uncertainty over the Fed's rate cut trajectory. And tech names CRM and MRVL will be closely watched as well.

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P.S. Don't forget to check out Power Plays!

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And again -- you get a whole year of ideas for just $99.

*Scott Redler Positions Disclosure as of 2024-12-02 at 7.56.58 AM

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