Chapters
00:00 Intro: All Three Back Together
01:04 GP: Amazon's Bullish Engulfing Gives It Back
03:38 Ben: The Market Wears You Out
05:40 GP: Square, Roku and the XLE's Divergences
06:40 GP: Banks on Earnings
08:43 GP: The Regionals Show Accumulation
10:15 Nick: Back in the Next-Leg-Down Camp
11:18 Goldman's 13-Year Base
14:25 Banks and Commodities Late in a Secular Bull
16:28 Nick: Below 317, the 269.69 Target
17:33 GP: Why Wait for Fair Value?
18:36 Ben: Finally Bearish, 297 to 296
22:38 GP: The 334.15 Capitulation Low
24:39 Sell in May Talk
26:12 GP: Amazon's Options Flow
27:45 Nick: Miners and the USO
30:28 Gold Holds the Mid 190s
32:34 Ben: Energy Looks Bullish
35:41 GP: Up 500% Into Resistance
38:14 Ben: The Most Energy Volume in 13 Years
42:51 GP: Volume at the Highs Is Distribution
49:06 The XLF and the QQQ Buy Zone
50:40 Nick: Goldman Over the XLE Monthly
51:48 GP: Volume Into Highs and Lows
55:29 GP: Sectors, Not a Crash
56:30 GP: QQQs Above 370?
1:14:26 GP: The Week Ahead
1:15:32 Weekly Close Calls and Wrap-Up
Market Hours #20 went out live on Sunday, April 17, with Ben, GP and Nick back together after two weeks. Ben said he is finally bearish on the market and sees the QQQs reaching 297 to 296, while Nick is back in the camp expecting another leg down. GP pointed to the January 24 capitulation low at 334.15 as the key level. The three also debated banks and Goldman's 13-year base, Amazon's options flow, the miners and the USO, gold, and whether record XLE volume is accumulation or distribution.
Nick's setups, levels and trades
Nick said "i'm back in the camp where i think we're going to get that another that that next leg down." On the QQQs, "if we break 317 that prior pivot low," then "if we leg down i think we'll bottom out around 269.69." Goldman's weekly "looks like just a gigantic rounding top with a floor basically kind of about you know 365-ish." In commodities, he's in AG, FNV and AEM, and "i think in like like the commodity and energy space i think we're getting ready to see a monster move." "I bought the uso on the breakout," and "i'm thinking the uso pushes a hundred bucks easy." He likes the Goldman monthly more than the XLE monthly. On the XLE, "i would be in the this in the k in the boat that it's it is accumulation versus distribution."
Ben's setups, levels and trades
Ben said "basically the end of december was what we saw as the peak," and "it wears you out right it gets you tired and it gets you bored." "I'm finally bearish for the market in general," and "that 297 296 area is definitely" in play, while "below 310 it gets ugly." "We could still come down and check 336 and bounce out of it but i just i think at best we're probably getting something closer in the 320s." On the QQQs, "if it came down to 250 god bless america i'm buying it left and right." On energy, "it's hard for me to deny that the chart doesn't look bullish," but "i'm not going to be i'm not going to be taking" a late chase. The XLE's last monthly volume bar is "the most volume in 13 years."
GP's setups, levels and trades
GP said he's "playing amazon in the smart way by by selling call put credit spreads," but Amazon "puts in a bullish engulfing on wednesday and" then "gives back the whole move." The XLE "is up 400 or 500 from the bottoms and it's showing negative divergences." "I really don't like the banks," though Goldman "did completely kind of the opposite" of JPMorgan on earnings, and in the regionals "there's accumulation in this chart over the last four or five months." "Banks and commodities tend to be the last sectors to to participate in the secular bull market." "Why would you wait for the market to pull into fair value." "That 34 334 15 price level is the one that i'm watching here." On Amazon's options flow, "every time it gets to a resistance" come "thousands and thousands of options of spreads." In energy, "volume coming in at the highs is distribution not accumulation," and "it needs consolidation." "I wouldn't be surprised with the QQQs above 370" in the next two weeks. "On an individual name basis you're getting stocks at prices like that you haven't seen since before" COVID.
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