Chapters
00:00 Intro: The So Long Colorado Episode
00:45 GP: The Stages of Capitulation
03:17 GP: The Abandoned Baby
05:20 GP: Back Above the January 24 Levels
06:21 Ben: Running Into Resistance
07:52 Ben: ARK Genomics' Pocket Pivot
08:52 Nick: Taking Out the 10 and 20 Day
09:56 Nick: 370 Is the Magnet
11:30 GP: Volume, Amazon and Options
15:16 Ben: The XBI and ARKG Look Great
15:46 Nick: Vertex and United Therapeutics
17:49 GP: Biotech Below Book Value
21:54 The McClellan Pop
22:24 Nick: The QQQ Wedge
26:27 Nick: Amazon's W
27:29 Apple: Weakest of the Bunch?
28:31 GP: Apple Has Been the Market Leader
30:33 Apple's EPS Chart
32:36 Rotation From Energy to Biotech
34:11 The Monthly Outside Bar in Energy
36:46 Nick: XLE Zone and the 2008 Question
41:53 China Names Reverse
42:55 GP: Favorite Setups and Zoom
45:00 GP: Gold's Cup and Handle
47:03 GP: Netflix's Volume and Divergence
52:38 GP: Netflix Joins the Russell 1000 Value
55:12 Follow-Through Calls and Wrap-Up
Market Hours #30 went out live on Sunday, June 26, with Ben, GP and Nick. After June's three straight gap downs, GP called the move sentiment capitulation and an abandoned baby. Nick said 370 is the magnet for the QQQs, while Ben noted that much of the market is running into resistance. The three also covered biotech's breakout, Vertex, Amazon and Apple, rotation out of energy, the XLE's monthly bar, Zoom, gold's cup and handle and Netflix's accumulation.
Nick's setups, levels and trades
Nick said "the 10 and 20 day moving averages we've basically respected the 10 and 20 day on this entire" move. On the QQQs, "you have a move to like the 371 area potentially here," with "that gap between you know 356 and 360" as possible resistance, and "i think that 370 is definitely in the cards." In the QQQ wedge, "we've already climbed above the 50 which is that 290," and he wants it to hold above the 295 to 300 area, because "if it holds above 300 all the better." In biotech, "the names that are really going to lead the indexes kind of up and down they all kind of look poised to bounce," and "i think vrtx is probably one of the best looking." On Amazon, "it's a w," and "the fact that they're still growing their massive business at 38 is just bonkers." Apple "was the one that kind of worried me," and he wondered if it would "roll down here to see a hundred." For the XLE, "50s down to mid 40s would be a zone of" interest, but "when energy died so did the rest of the market." For the week, "i think you'll see more than a" follow-through.
Ben's setups, levels and trades
Ben said "after the week you know prior i was i was certainly in the bear camp." A lot of charts are running into natural resistance, and on the weekly "you're still right under that nine ema." "I'm okay to miss a few percent for it to finally prove that it's you know a real setup." ARK Genomics "took out the nine sma" on the weekly, "and it never made a new low." "I think xbi looks great and i think" ARKG "is something else that looks pretty good," but the bigger healthcare charts make him "a little bit skeptical." In gold, "some of the miners" show "one of the biggest batman symbols i've ever seen," and "batman is bearish."
GP's setups, levels and trades
GP said "there's the capitulation volume and then there's the sentiment capitulation," and the three straight gap downs were that moment. "It's typically after 30 something percent when you get an abandoned baby," which is "usually a a moment to start looking for potential" longs. Names like DLocal and DigitalOcean are "back above those levels" from the January 24 capitulation, so "you can for sure look for a credible bottom." "Options have been driving a lot of this stuff." In biotech, "the fundamentals were getting ridiculously cheap," and "when things start getting cheap mergers start appearing." "Apple has been the market leader right so when apple fails then the market fails." Zoom "it's been so strong for weeks," and "this is a build and this is the build is" repairing. Gold "takes forever to freaking break out," and "this is textbook like cup and handle," but "i'm not touching it until it breaks out." Netflix "is doing 10 to 12 million shares a day" when normally "it's done three to four," and "the rsi has been starting to diverge." It "got included in the russell 1000," the value index, "so i'm holding."
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