Chapters
00:00 Pre-Show: Trading Computers
01:05 Intro: Big-Tech Earnings Day
02:06 Ben: A Big Up Day, Then Amazon Dumps
04:37 Nick: The McClellan at -200
05:40 Nick: Amazon and Apple Charts
06:45 GP: Netflix After the Drop
10:24 Ben: Tesla and the Twitter Noise
16:04 Nick: Tesla's Lower 600s
16:35 GP: A Choppy, Range-Bound Market
18:37 GP: Holding the March Pivot Low
20:10 GP: 297.45 If the Range Breaks
20:40 Ben: Tesla's Bull Trap
24:14 Nick: 350 to 380 and the Four-Year MA
26:48 GP: Breaking the Prior Year's Pivot
29:51 GP: Put Credit Spreads
32:30 Putting Money to Work
34:36 ARK Funds Retest the COVID V
39:47 Inverse Head and Shoulders Homework
43:53 Apple's $90 Billion Buyback
45:59 Amazon's Valuation
48:32 Amazon's Quarterly Loss
50:43 Ben: Fintech, Visa and Mastercard
52:14 GP: TLT at the Bottom of Its Channel
53:47 Energy for the Next Six Months
57:23 Ben: Shopify and Path
58:57 Facebook's Pop
1:02:02 GP and Max: Do Head and Shoulders Work?
1:09:17 Wrap-Up
Market Hours #21 went out live on Thursday, April 28, as Amazon and Apple reported after the close, with Ben, Nick and GP. Amazon dropped more than 10% after hours as the show began. Nick expected a bounce off a McClellan reading near -200 and saw the SPY holding 350 to 380 if it rolled over. GP said a choppy market keeps holding the March pivot low, while Ben called Tesla's day a bull trap. The three also covered Netflix, Tesla, the prior-year pivot, put credit spreads, ARK, TLT, energy, Shopify, Facebook and whether head and shoulders patterns work.
Nick's setups, levels and trades
Nick said "you got to expect a bounce here for sure mcclellan hit nega negative 200 yesterday." He prefers Amazon's weekly chart to its daily, and on Apple "i like both the weekly and the monthly just kind of hanging around the 200 day." On Tesla, "i was kind of thinking we'd at least get another crack in the like the lower mid 600s." "If we go lower i still think we end up holding that kind of 380 area 380 if somewhere between like let's just say 350 and 380." The head and shoulders measured move "puts us basically at three basically 360-ish which would be kind of right in line with that four-year moving average." On Facebook, "i think facebook's a long term winner," and "as long as it holds kind of above 130 i think it's a it's it looks good to me."
Ben's setups, levels and trades
Ben noted the SPY was up about 2.5% on the day, with the "q's up three and a half percent apple up four and a half percent amazon up four and a half percent," before Amazon fell after hours, and "i'm living up to my namesake of holding amazon bags." On Tesla, "yesterday it failed the 200 today it couldn't get above the 200 on increasing volume," and "there's nothing in the price action in any of the indicators that lead me to believe today was anything but a bull trap." "Every time we test these major points of support or resistance and they don't break they tend to go the other way." "If i really want to be long a fintech right now i'm probably looking at a visa or mastercard." On oil, "i don't see anything outside of the oil patch right now that really gets me" excited, and "i just think that it still can go higher on the oil side." For Shopify, "i would look sub 400 somewhere around this 380 spot," and with Path "there's just nothing there."
GP's setups, levels and trades
GP said Netflix is "approaching that that 75 80 move," and "it generated 802 million dollars in free cash for the last quarter." "We're not going to v-shape out of out of this market," but the indexes are holding "seven cents above the march pivot low," which "also coincides with the opening print for 2021." "If we break this it's a possibility that we go down and test the prior year lows right 297.45." "If you're going to break prior year's pivot and we haven't done that in many years," it's "really significant." "I'm not buying like upside calls," and "i'm handling it via cheap put credit spreads." TLT "is literally at the bottom of this big channel from 2008 on a monthly basis," and "if this holds that should be really good for equities." Energy "broke the uptrend line from december and today rejected the 20 days simple moving average on lower volumes," so "over the next couple of months energy has got to come down." On Facebook, investors "were happy that they weren't gonna spend a ridiculous amount of money." On head and shoulders, "you'll see volume on head and shoulders at the at the at the left," and Boeing's pre-pandemic chart "was one of the most clear-cut head and shoulders patterns."
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