Chapters
00:00 Intro
00:32 GP: The Bottoming Process Takes Time
01:34 GP: A Push Higher Without the Fed
03:07 People Are Still Spending
06:12 Ben: Selling Off on the Same News
07:44 GP: Amazon and AWS
09:15 GP: Support at the 280 Level
11:47 GP: The Energy Short and Real Assets
12:48 Ben: Insider Selling in Energy
15:21 Ben: Marathon Petroleum's Run
16:25 Summer 2022 for Energy
18:29 Ben: Warning Shots in Bristol Myers and Kraft Heinz
22:38 GP: The New IPOs
26:42 Ben: Spotify's Bottom
28:14 GP: IPO Cycles and VCs Cashing Out
30:19 GP: Bezos Stepping Down
33:53 The Nvidia Call
34:55 GP: Buying Tesla Under 650
39:00 Small Caps, Banks and Rates
40:35 GP: Netflix's Volume and the 2011 Pattern
44:11 Viewer Picks: TPG and Apollo
47:17 GP: Zoom's Bottom
49:22 Ben: Uber, Lyft or an ETF
52:28 ARK's Top Holdings
55:01 Coinbase's Base
59:09 Ben: AMD, Broadcom and ON Semi
1:02:47 GP: Bases and the Week Ahead
1:04:20 Wrap-Up
Market Hours #26 went out live on Sunday, May 29, with Ben and GP. Nick was out. GP said the bottoming process takes time and he wanted to see the market push higher without the Fed. Ben pointed to the highest insider selling in energy since 2011 and early warning shots in healthcare and staples. The two also covered Amazon and AWS, the new IPOs, GP buying Tesla under 650, Netflix's accumulation and its 2011 pattern, Zoom's bottom, Coinbase, AMD and the semis.
Ben's setups, levels and trades
Ben said the stores he visited were packed, and "the optimistic side of me says the consumer still is you know highest savings in a really long time." He has seen the market keep selling off on the same news for six months: "the fed the fed the fed or china china and china." In energy, "we're at the highest insider selling since 2011 and i don't think that that's by accident." "Look at marathon petroleum a very good company," and "it feels more like summer 2021 for the tech stocks for summer 2022 for the energy sector." He expects healthcare and energy "are going to take a back seat," and in Bristol Myers "here's your first warning shot." Kraft Heinz "was doing really well and in two weeks it's taken a massive dump." On Spotify, "my exact quotes were this is what a bottom looks like." With Uber and Lyft, "there's just too many better opportunities to take a shot at," and "i'm good in s p i'm getting the top 50 of the s p." "Amd's my largest position for a reason," "i think broadcom actually looks pretty" good too, and ON Semi "has just held in."
GP's setups, levels and trades
GP said "the bottoming process takes time," and "this is what i wanted to see out of this market which was a pivot and a push higher without a fed." "Now you got to start separating the good from the bad." Amazon "was down what 46 47" percent "at the lows," even though "aws has become the leading profit generator." On the 280 level, "if we break that" area, "it becomes a pretty disgusting nightmare." On energy, "i've been talking about the energy short for quite a few months now and it continues to grind higher on waning momentum," and "we're moving into a real assets kind of economy." With the IPOs, "the first cycle of most ipos is vcs cashing out," and DLocal "came back broke the bottom the ipo bottom and started to see some serious buying." Bezos "in the height of a bull market says yeah i'm going to step down." On Tesla, "i bought right under 650," but "it didn't clear last week's highs or the prior week's highs." Netflix trades "eight to ten million shares a day when it used to trade like two to four," and "it's very similar to the 2011 pattern starting to play out." "I wouldn't be surprised to see it push that 250 area." Zoom "just looks like a delicious beautiful bottom and a profitable company." "Tesla did not reclaim its prior week highs neither did apple."
Subscribe for the weekly live show at YouTube.com/@MarketHoursPod.
This is not financial advice. Market Hours is for education and entertainment only. Always do your own research.
Follow Market Hours: YouTube @MarketHoursPod · X @markethourspod · TikTok @markethourspod · StockTwits @markethourspod