Chapters
00:00 Intro: GP Has Nothing Positive to Say
00:52 Nick Joins
01:07 Nick: Tesla's Head and Shoulders
01:29 If This Level Breaks, Game Over
02:32 Yesterday's Move Didn't Have the Volume
09:41 Bitcoin Still Leading
10:09 No V Yet
11:07 GP: Perfectly Healthy on the Monthly
11:53 If 350 Gets Taken Out on the SPY
12:38 Hold Here or Break Down
13:11 PayPal, Square and Roku at Pre-COVID Highs
13:34 Consolidation or Distribution
15:29 Air Underneath Until 338
16:04 The 2/24 Lows and the April 2021 Gap
17:19 Airbnb and Booking.com
18:43 Nick's Sellers Are Working
19:10 Chop Into OPEX
19:45 Amazon at the 50% and the 200-Week
20:00 Orders at 2,400 and 2,200
22:02 The IWM Looks Shittastic
24:47 Microsoft and Amazon Break Recent Lows
26:23 BlackRock and the XLF
26:54 Caterpillar and Deere
27:03 Tesla Holding 800
30:41 Financials, Goldman and Energy
32:31 The SPY Needs to Reclaim 426 This Week
33:23 BP and the Lagging Oil Names
33:58 RIG and Call Flow
36:12 Nick's Gold Chart
38:40 MicroStrategy's 122,000 Bitcoin
39:42 A Higher Day in Roku, Tesla and Facebook
41:32 Lower Highs on the 5-Minute
42:31 Square and a Hold of 100
45:29 Take Out 425 on the NQs
45:39 Turnaround Tuesday
46:07 Roku's Miserable Week
49:28 Facebook: The 190 Buy
50:10 PayPal and a Wyckoff Distribution
51:43 Shopify
51:53 Reclaim 426, Close Above 445
53:23 Robinhood's Double Bottom
53:41 A Buy in ARK
57:34 Amazon's Up a Percent
1:00:00 A Midday Break
1:02:32 First Solar Rips
1:03:00 Booking Turns Around
1:04:50 JETS and Travel
1:05:11 Waiting for a Bounce
1:06:06 Nick Sells a Third of His Miners
1:07:47 Oil and Gold Topping Out
1:11:03 A USO Short That's Dead
1:14:44 If We V-Bottom From Here
1:15:33 GP: All-Time Highs by June
1:17:06 Nick's 400 Level
1:18:45 GP's Facebook Plan: 190 and 175
1:24:24 The 78% Retracement in Social Media
1:28:08 Gold, GLD and a Pause
1:32:20 The SPY at 426
1:35:12 433, 441 and 455 on the SPY
1:36:14 Hold 426, Close Above 445
1:38:15 Short Covering and a Double Bottom
1:41:07 A Massive Hourly Bar on the NQs
1:41:45 GP: PayPal Calls Next Week
1:42:07 Google Eats Yesterday's Bar
1:49:09 This Is Going to Be Hated
1:49:54 A 390 Bottom on the SPY
1:51:26 Still Eating the Oil Short
1:53:42 The April Gap at 403.38
1:56:36 Volume Profile: 393, 390 and 339
2:03:05 Bags: 390, but a Face-Ripper Would Be Fine
2:08:28 The SPY Fails 426
2:10:25 Tesla's Rejection
2:11:01 Oil's Double Top on the Monthly
2:11:59 Nick: NEM, GLD and SLV
2:17:46 Ford and Duolingo
2:18:19 Wrap-Up
Market Hours #12 went out live on Tuesday morning, March 8, as a Honeycomb Hideout session with Ben, Nick and GP. GP said he had nothing positive to say at the open, then stuck with his call for all-time highs by June, arguing the market keeps bending rather than breaking. Nick talked Tesla's daily head and shoulders, sold a third of his gold miners after a strong run, and still held GLD, SLV and NEM. The tape flipped mid-session into what they called Turnaround Tuesday, with a massive hourly bar on the NQs, then faded the SPY's 426 level later in the day. The three also covered Amazon's 200-week at 2,560, GP's Facebook plan at 190 and 175, oil's possible monthly double top and a 390 area on the SPY.
Nick's setups, levels and trades
Nick joined shortly after the open and was "kinda looking at Tesla," where a hold and a higher low "kind of looked like an, had shoulders there on the daily." "If this level breaks, we're game over and everyone's trying to hold it." He didn't think the last leg would be easy on the shorts, and said the tape could "get shit chopped all over the place." Mid-session he said "I sold a third of my miners," and the others called the gold trade "March trade of the year." He was "still along the ETFs like gold and our GLD" plus SLV, and later said he "just have a little N left" in NEM, with GLD and SLV still on, and that he would "probably end up just concentrating on N entirely" and "maybe FNV." On the SPY, GP recalled Nick's level as 400. A few weeks earlier Nick had also liked First Solar, which ripped during the midday bounce.
Ben's setups, levels and trades
Ben pointed to "air" under the SPY until the 338 area, where there was "a decent amount of volume" and "base and support," and to a gap up on April 5, 2021, with a low at 403.38 that he said could become "a potential island top" if it broke. He was "calling for 390 range but I'd be more than happy with a face-ripper rally," and later stuck with "390 spy bottom," with volume-profile support around 393 to 390; if that failed, "there's much more pain to the downside, which would lead to sort of like your 339." He told the chat he "bought arc yesterday" at 60, and flagged Robinhood with "a couple of reversal candles" and a double bottom near a 9.93 low. On Booking.com, "your sellers are finally working," after the stock "had to take it down from from 127 to 60 to work."
GP's setups, levels and trades
GP said "from a technical perspective looking at the monthly, I'm still in the camp that this is perfectly healthy action," with the S&P "basically down 13 14% on S and P since the highs." "If 350 gets taken out on the spiders, I will get uber bearish." He did not want another leg lower, because names like "PayPal, Square, Roku" were "all back to pre-COVID highs or lower." If the sideways base broke down, "I think it's distribution. And if we break up, it's consolidation." The SPY "needs to reclaim that 426 level by the end of this week," and "if we close above the 21 week moving average at 445, that would be even insane." Into the bounce he said "I haven't changed my stance... which is all time highs by June," and "if we don't leg lower, and we V bottom, it will be hated 10 times more than if we leg lower." "We keep bending and they're awful days in between... but I'm still fundamentally in the, we're at all time highs by June."
On Facebook, "I laid this plan out at the beginning of February," looking for a test of 190, an overshoot to 185, "and then run higher." Social media names had hit "that 78% retracement... which was at 190," then reversed. "I don't think Facebook's going to zero." He bought 190, with a plan "to buy more at 175," and did not stop out of the first tranche. Asked if he liked PayPal at the lows, he said "I will be taking calls for next week most likely." He had "bought USO short and it ran up $27. So those are dead," later adding he "didn't reshort" and was "eating it on the short that I took, but it was small... because I'm fighting a trend." On oil he still saw "a double top on the monthly," expecting it to stay "funky" into March or April, "try to break higher and then ultimately fail."
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