Chapters
00:00 Intro: Ben and GP, Nick Out
00:35 GP: One Up Week for the Beaten-Up Names
02:06 GP: Puts Pay, Calls Expire Worthless
04:10 GP: CPI and the ABC Correction
06:46 GP: This Will Grind You Out
08:17 Ben: Semis Below the January Low
08:47 GP: Reaccumulation in an Uptrend
11:23 GP: How Head and Shoulders Work
14:00 Ben: The VIX's Rounded Shape
16:02 Ben: Nothing Looks Great or Terrible
17:34 Ben: Accumulating XLG
20:07 Home Depot Seasonality
21:39 Ben: Costco and the Inflation Stocks
23:43 Amazon, the Discount Retailer
24:46 GP: Milking Premiums Into the Split
25:17 Ben: Amazon's RSI
30:53 Ben: ARK Looks Weak
33:29 ARK's Buying and Selling
37:05 GP: Waiting on Square, ARK and Amazon
38:09 Ben: Bitcoin and the 21 EMA
40:43 GP: The TNX at Its Extensions
44:52 GP: The XLE Is What's Extended
45:54 Futures Gap Up
48:26 GP: Still in the Higher Camp
49:27 Wrap-Up
Market Hours #19 went out live on Sunday, April 10, with Ben and GP. Nick was out. After disappointing weekly closes, GP said put spreads keep paying at resistance while calls expire worthless, and he still sees the risk-reward to the upside heading into CPI. Ben said nothing looks great but nothing looks terrible either. The two also covered the semis, head and shoulders volume, the VIX, XLG, Home Depot, Costco, Amazon, ARK, Bitcoin's 21 EMA, the TNX and the extended XLE.
Ben's setups, levels and trades
Ben said the semis are "already below that january low so that that concerns me a little bit." On the VIX, "price will test an area until it finally fails," and "this has more opportunity to break down than break out." "Nothing looks great but nothing looks completely terrible either," and "when there's mixed signals i'm i'm fine to just sit it out and watch." He has "been accumulating some xlg," since "xlg's the top 50 of the s p 500 and i'm getting about a one percent yield," but "i'm also not buying exxon mobil that's going bananas." On Costco, "i thought would be like a 640 650 i mean it closed above 600," and "costco is one of the best companies in the united states." For Amazon, "rsi has been just steadily sloping down basically since june." On ARK, "it just looks weak to me," and "i would not be surprised to see this come back down in the mid 50s at all." Bitcoin's 21 EMA "is lost right now but you know it's it's it's about a thousand dollars off of it," and "i'm not in the all as lost camp."
GP's setups, levels and trades
GP said "a lot of the beaten up names had one big up week," and Amazon "broke the 50 sma right rejected the 200 sma twice." "So many of these names expire worthless and all the puts expire in the money," and at Amazon's 200 SMA "they started buying massive deep in the money put spreads." "Everyone is expecting the worst cpi numbers in 40 years we may or may not get them and i think we rally higher." "This is not going to be the v-shape kind of recovery this is going to grind you out," but "the risk reward here is to the to the upside for me still." The semis have gone sideways since June 2021, and "to me this is reaccumulation in an uptrend." In head and shoulders, "the capitulation volume comes in on the left shoulder or the head," and "boeing's a good example of a head and shoulders that did work out." Ahead of Amazon's split, "they're gonna milk all the premiums they can." "I did a lot of my buying in the lows now it's the waiting," and with Home Depot "i'm just gonna let the seasonality play out here." The TNX is "hitting the weekly kind of two and a half standard deviation," and "xle is what's extended QQQs are not extended." "I'm i'm still in the we go higher camp."
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