Chapters
00:00 Intro: Everybody's Bearish
01:33 Nick: Tight Weekly Closes at Support
02:33 GP: The Damage in Individual Stocks
03:33 GP: Rates Down and a Cautious Fed
05:04 GP: Buying What He Wants to Own
07:05 GP: Tesla's 900 Breakout
09:40 Ben: The IWM's Banks and a Bear Flag
12:15 GP: Deploying Money Into Support
15:16 Nick: The IWM's 165 to 175 Zone
16:51 GP: Apple Holds Up
21:31 Nick: Break Lower to Break Higher
23:04 Nick: One More Wave
26:43 Nick: Tesla's 550 to 890 Range
27:43 Nick: QQQs Near 300
29:17 GP: Why He Wants This to Hold
31:18 GP: The January 24 Volume
32:52 GP: The 238 Test
33:56 GP: The SPY's 426 Base
37:31 GP: The Nasdaq Composite's Channel
40:38 Ben: The Last Two Bulls Turn Bearish
41:09 Rachel Joins: Market Psychology
50:53 GP: Oil's Three-Standard-Deviation Move
51:26 Traders, Athletes and Drawdowns
1:00:08 Sentiment as a Pendulum
1:05:17 Max Pain
1:12:28 GP: DocuSign and Roku Have No Base
1:19:12 GP: Google Back to Its Gap
1:19:43 Bitcoin's Range
1:24:32 Nick: Gold and the Miners
1:27:34 Nick: NEM, EGO and Barrick
1:30:08 Buying Breakouts in a Downtrend
1:31:10 Wrap-Up
Market Hours #11 went out live on Sunday, March 6, with Ben, Nick and GP, and Rachel from FinTwit joined partway through for a talk on market psychology. Nick is in the camp for breaking lower to break higher, with one more leg taking the QQQs toward 300. GP wants the current base to hold and keeps buying companies he wants to own, but sees a 238 test if it breaks. The three also covered the IWM, Tesla, Apple, oil's three-standard-deviation move, DocuSign, Roku, Google, Bitcoin's range and the gold miners.
Nick's setups, levels and trades
Nick said "the last three weeks we've closed fairly tight and it's sitting at you know support." "I'm in the camp for breaking lower to break higher," and "i'd like to see one more wave." On the IWM, there's support "between 165 and 175," and not filling the gap "would be a very bullish sign." On Tesla, "we're back inside this range" of 550 to 890, so "it's very likely that price continues to test the low end of this range." For the QQQs, a symmetrical leg lower "kind of puts us into that 300 area," and "i think that puts google kind of down towards this measured move which would be around 22 to 2300." From his list of leaders, he wants to start legging into longs "when i think that this pattern is completing." In gold, "fnv is pretty much right there at highs i wouldn't be surprised to see a little bit of a pull in here though," and among the miners, "i have nem i have ego."
Ben's setups, levels and trades
Ben pointed to "the destruction of what's happened in banks over the last couple of weeks there's a lot of banks in the iwm," and asked GP about a bear flag. "If you got long those anytime over the last you know nine months or so" in the miners or energy, "your account's pretty good." "We were the last two bulls standing gp so you know we we turn we turn bearish."
GP's setups, levels and trades
GP said "the damage that's happening in individual stocks is bananas," and "rates have come down if you look at the curve of the tnx." "Me myself personally i'm buying companies that i'd like to be long six months from now 12 months from now." "I like to deploy money in these situations and if i'm wrong the the downside isn't terrible for me here because i'm not deploying at roku 490." Apple "continues to hold" with "a 27 pe or something like that." "I want this to hold here," but "i'm personally in the camp that we're gonna go back to test potentially that 238 level on the qs" if it breaks. On the SPY, "that 426 level has been tested six or seven times on a weekly basis." On oil, "we are now hitting a three standard deviation move on this gap up on oil right right around the 1 30 mark," and "i tried a small short last week on oil to fight the momentum." DocuSign and Roku had no base, so they fell to retest. "In july of 2022 you'll be able to buy google at the same price" as an old gap.
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