Chapters
00:00 Intro: Ben and GP, Nick Out
02:50 GP: Amazon's Weekly, Consolidation or Distribution?
06:25 GP: Triple Options Expirations
07:57 Ben: The SPY's Blow-Off Top and Friday's Close
10:38 GP: The QQQs Take Out the Pivots
15:19 GP: Not a 2020 Slingshot
18:58 GP: Volume After Nine Months of Destruction
20:31 Ben: Stacking the Moving Averages
23:04 Airbnb Under 130
24:07 GP: Everything Takes Turns Going Parabolic
27:45 Ben: Bored Is Not a Reason to Sell
30:48 GP: Tesla Profits and Free Shares
33:21 Ben: AirPods vs Twitter
34:24 Ben: Taking Profits Into XLG
36:26 GP: Opportunity in Individual Names
37:27 GP: The Marqeta Trade
42:35 PayPal's Damage
45:38 Facebook's Relative Strength
47:13 Snap or Facebook?
50:49 Viewer Questions: D-Local
58:07 Limelight
1:00:13 Ben: Bitcoin at Resistance
1:01:49 D-Local's Flag
1:06:54 Transports Get Crushed
1:09:57 Wrap-Up
Market Hours #18 went out live on Sunday, April 3, with Ben and GP. Nick was out. GP said Amazon's weekly still looks like bullish consolidation, though a bear could argue distribution, and he blamed the stall on three options expirations. Ben was most impressed by Friday's close and the restacking moving averages. The two also covered Airbnb, parabolic sectors, holding through boredom, Tesla, XLG, Marqeta, PayPal, Snap vs Facebook, D-Local, Limelight, Bitcoin and the transports.
Ben's setups, levels and trades
Ben said on the SPY, "what i was most impressed with it wasn't monday and tuesday's move it was really friday's move," which "closed near the high of the day to me that's not a bearish scenario on a friday." "Once they all cross over that that is a very bullish signal," he said of the moving averages, and "i don't just do this on the s p i look at it across whatever i'm interested in." "Being bored is not a reason to get out of the trade," and "i'm comfortable holding the names i have until the cows come home basically." On Amazon, "has my thesis changed that much no not in the longer term." After Tuesday's move he took profits and "moved quite a bit of into xlg which is a more traditional etf." On fintech, "these mastercard are looking constructive like i want to see them finally get their legs before i'm convinced that paypal is going" higher. On Facebook, "with you know the midterm elections coming up and how much money is going to be spent on the platform i think that could be a boon." On Bitcoin, "47 would be really a really great weekly close in my opinion." On the transports, "this probably accelerates lower," and "i could see it even wanting to get down here toward this 230."
GP's setups, levels and trades
GP said Amazon's weekly is "bullish consolidation but if you wanted to be a bear" you could argue "this is not consolidation but it's distribution," and "after this long it's still failing 3400." "We had wednesday up midweek upper options expiration we had quarterly thursday opex expiration," plus Friday's weeklies. "This is not going to be like 20 in terms of the velocity of the move up," and "you have to build your way up." On Airbnb, "i really wanted to buy it under 130 and never got there." "Everything is taking turns being parabolic," including utilities, which "tells you that money is just rotating." On Tesla, he took his cash off, "and i actually added a couple weeks ago when it got to the 700." "This downturn was to me an opportunity in individual names versus the indices." On Marqeta, "to me this is a trade," "i'm in around 11," and he wants "the move to like 15 or 16." "Snap probably outperforms percentage-wise facebook over time," as a long-term investment. "Fintech in general like across the board is like in a down round," so he passed on the new D-Local IPO.
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