Chapters
00:00 Intro: The In-Between Anniversary Show
00:33 Ben: Nick's Gush Call
01:34 Ben: Every Chart Looked Bearish
03:06 GP: Puts and Calls Both Getting Smoked
04:08 GP: The XLE Short
06:41 GP: Healthcare's Breakdowns
07:11 Ben: Month Eight of the Selloff
09:14 Nick: Still an Energy Bull
11:19 GP: Bezos Stepping Down as a Signal
13:51 GP: Zoom and the Vaccine-Day High
14:55 GP: The Blue Chips Breaking
16:57 GP: Watch for Divergences
18:31 Ben: The PayPal Batman
19:01 GP: The QQQs' Abandoned Baby
22:08 Ben: No V Bottom
23:40 Nick: Oversold on the McClellan
25:13 GP: No Base at the COVID Highs
26:47 Crypto and Humility
32:58 Gold and Silver
34:00 GP: Zoom Shows Strength
35:02 Transports and the XBI
36:37 Tesla Holds Its Lows
40:44 GP: Duolingo
43:17 Ben: Target, Walmart and Costco
44:51 Nick: Halozyme and Sanderson Farms
47:25 Oil, Home Builders and Utilities
49:05 The Fed Calendar
50:36 GP: HYG's Doji
56:42 Bonds and the Fed
59:16 Stay Nimble: Wrap-Up
Market Hours #29 was recorded on Sunday, June 19, Father's Day, with Ben, GP and Nick. After the June selloff, Ben said nearly every chart he pulled up looked bearish, and GP said both puts and calls have been getting crushed. Nick still called himself an energy bull and saw the QQQs extremely oversold. The three also covered GP's XLE short, the blue chips breaking, the QQQs' weekly abandoned baby, gold, Zoom, Duolingo, the retailers including Walmart, Sanderson Farms and HYG's doji.
Nick's setups, levels and trades
Nick said "longer term i am kind of i still am an energy" bull, and "for me to get super bearish on the xle like i think that mid 50s range needs to get taken out." On the QQQs, "i think 225 230 is where we're heading," but "i think we are gonna see a bit of a bounce here." "The mcclellan is the main kind of oversold overbought indicator that i kind of just" use, "and like we're extremely oversold." Lower down is "where i think we find a much more sustainable longer term bottom," and "that's where i'm going to be looking to put on actually a lot of longs." "There's no crystal ball like we're all playing our own game of odds and probabilities here." Halozyme, "one of duzio's names," is "probably one of the better looking biotech names that i see out there." Sanderson Farms' "eps numbers are like 400 percent 560 percent 200 percent," but "this is not my type of trade because i i wouldn't be able to hold this."
Ben's setups, levels and trades
Ben said "i'm not turning into a full blown bear here," but nearly every chart he pulled up looked bearish. "We're going on month eight of this right this started the week of thanksgiving 2021." On the S&P, "this was the paypal batman pattern," and "i can't help but just see a big old batman flashing out at me." "We've had relentless selling going getting ready to be in our eighth month of relentless selling it has to stop at some point," but "i don't think we're going to get" a quick V bounce. "Until we get a legit rally every one of them are just suckers." On Walmart, "i was a long-term holder," and "my thesis no longer is happening." Target "looks pretty bad," while Costco "actually looks like it's better holding" than the other retailers.
GP's setups, levels and trades
GP said "you buy your puts you're getting smoked on those you're getting smoked on calls," and "friday they negated it all the dealers went right back on the side positioning." On his XLE short, "if it broke 83 without any resistance it was most likely going to go" higher, and "it was an 800 percent trade but it could have been a 4200" percent one. Healthcare names are doing "the inverse cup and handle breakdowns that all these technology stocks did about three or four months ago." The day Pfizer announced its COVID vaccine "was the last time zoom has made a higher high." "I did not expect it to be the blue chips right like the amazons and the netflix's," and Microsoft's "slow grind down" contrasts with how "netflix and amazon have died pretty" quickly. "Do we start to see divergences as tech because they were the first to lead us down." On the weekly QQQs, "i really kind of like that abandoned baby kind of throw everything out with the bath water," and "you do have quarter end flows coming in here so that leaves me a bit more bullish."
GP said "i don't personally think covid highs or any of that stuff really holds because there's really no volume there," and "where you formed the base was up here between the 260 and 270 260 and 280 level." "Gold doesn't look good," and "silver doesn't look good either." Zoom "it's been showing up with strength week after week," and "if the market does start to act much better this will be the leader." In biotech, "there was like a decent amount of companies trading below book value in the xbi." Duolingo "it's basing it's it looks it looks really good" even in a weak market. HYG "put in a doji," and "if it clears back into that gap and starts to push higher," the 74.30 area is the level to watch.
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