Chapters
00:00 Intro
01:16 Ben: A Pause at the Weekly Nine
02:17 GP: The Lowest Red Volume All Year
05:20 Ben: The QQQs Look Weaker
06:26 Nick: The May 20 Bar and the 50% Retracement
10:02 Nick: Starter Positions and the 316 Resistance
12:05 Nick: Energy on Light Volume
12:36 The 200-Day Fascination
16:11 GP: Defending the 280 Level
17:12 GP: The Action Is in Real Time
17:42 Ben: The Consumer Is Still Buying
21:20 Microsoft's Currency Guide-Down
23:22 Nick: Apple and a Stock Picker's Market
25:56 GP: The Amazon Split
29:36 GP: Netflix's Split and Adding Amazon at 2100
31:06 Ben: XLG and SOXL
32:37 Small Caps and the IWM
35:42 GP: The IWM's Monthly Trend Line
40:23 Ben: AMD and Broadcom
42:29 GP: Netflix's Green Week
47:05 Ben: The Semis Look Ripe
51:41 Ben: IBM and Dell
55:29 New IPOs and Twitter
57:35 Nick: Over 417 Means 440s
59:09 GP: The VIX and Opex
1:01:15 One Name Each: VTNR and GASS
1:02:48 Robinhood for the Long Term
1:11:01 Wrap-Up
Market Hours #27 went out live on Sunday, June 5, with Ben, GP and Nick. The S&P held most of its two-week rally, and GP stayed bullish after the lowest red-side volume of the year. Nick mapped a push toward 320 to 325 on the QQQs and 440s on the SPY over 417. The three also covered the Amazon stock split, small caps and the IWM's monthly trend line, Netflix's green week, AMD and the semis, IBM and Dell, the VIX into Opex and Robinhood as a long-term hold.
Nick's setups, levels and trades
Nick said the May 20 bar "closed well off the lows" and "was kind of a signal that like hey now's not the time to be pressing shorts." "I kind of live and die by like that 50 retracement," and "i don't think it's out of the question to push into that 320-ish area 325." On the bullish side, he wants the QQQs to "turn sideways and gap and go right over the 50-day." "Maybe be in like starter positions," with resistance "basically right where we're at" near 316. "I'm largely in a lot of energy names," but "uso broke out on friday and like it was on like half the volume." "A well-timed entry is going to outperform." Apple has "a lot of resistance kind of in that 150 160 ish," and "it's becoming a stock picker's market." On the SPY, "as soon as you get over 417 like it's going 440 immediately," though "the mcclellan is still extremely overbought." His pick is VTNR, "an energy name i just have a measured move up to 20," and GASS.
Ben's setups, levels and trades
Ben said "to me it made sense to take a pause there," because "we were running in the weekly nine." The QQQs "still look a little weaker to me." "People are still buying the american consumer is still buying," and "the boogeyman of you know we're in the great depression two or great recession two is is is so overblown." "I've still been adding to my xlg which is my top 50 s p 500 and i added to" SOXL. "Iwm is just terrible to trade," and "i don't have a lot of faith in this you know the 2000 companies as much as i do the top 50 companies." "Broadcom still looks great amd again one of the best charts looking out there in the market." "If semis are getting ready to rip face it's hard to imagine that the rest of tech" will stay down. "I think ibm looks good," and "i can't say enough about how well i think" Dell "is poised from a stock perspective." Robinhood "has the best user interface of of the brokerages on your phone."
GP's setups, levels and trades
GP said "i'm i'm pretty bullish here last week's volume was probably the lowest red side volume all year," and "we held the top part of the range for the first time in a long time." "I don't think i've ever said it's going to be easy when you have this much technical damage." He doesn't "understand the the calls for the 60 70 80 percent moves down." He expects "that 280 level" to be defended. "The futures hardly ever matter and most of the action has been real time." The Amazon split "is going to increase the flow by 20 times," taking it "from 4 million to 80 million" shares a day. Netflix after its 2015 split "kind of went sideways for a couple years," and on Amazon "i added i added around 2100." The IWM is "holding the 50 month" with "an indecision candle on the last month." Netflix shows "all-time lows in rsi," and "netflix put in a green week." On the VIX, "people are hedged so as soon as you get those down moves people start taking off their hedges." On Robinhood, he is long from $10.20, and "i'm a huge benioff fan."
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