Chapters
00:00 Intro: Back After Three Weeks
01:02 GP: The QQQs Go Sideways
04:07 Nick: Volume Disappears at Highs and Lows
05:38 Sideways Since QT Began
06:08 GP: Apple Is the Number One Indicator
09:12 GP: The TRM Signal on the QQQs
10:16 Ben: Gyrating Into the Fed
10:47 Citigroup's Earnings Volume
12:20 Nick: Celsius, Amazon and Apple
13:24 Nick: Vertex and United Therapeutics
16:04 LABU and Vertex Levels
17:35 Nancy Pelosi and Nvidia
19:08 GP: Netflix Into Earnings
22:46 Ben: Netflix and Microsoft
26:51 Netflix's Downtrend Break
30:06 GP: Parabolic Charts and the Dollar
32:10 Nick: The Dollar's Measured Move
36:50 The Weekly 200 and the June Gap
38:25 An Island Bottom Above 295?
42:33 GP: Beyond Meat and Roblox
45:41 Nick: Google's 2600 Gap
47:43 Ben: Bitcoin's All-Time Channel
51:49 GP: Netflix as a Value Stock
54:55 Covered-Call ETFs and Wrap-Up
Market Hours #31 went out live on Sunday, July 17, with Ben, GP and Nick back after a three-week break. GP said the QQQs have gone sideways for nine or ten weeks even as sentiment soured, and he called Apple his number one indicator. Nick watched Amazon and Apple for direction and named Vertex his top biotech. The three also covered Netflix into earnings, the dollar's parabolic run, a possible QQQ island bottom above 295, Google's 2600 gap and Bitcoin's all-time channel.
Nick's setups, levels and trades
Nick said "they'll push price into lows and then it like disappears and then we bounce and we push into highs and the volume disappears." Short term on the QQQs, "315-ish is kind of like if i had to put a target on it." "I'm leaning bullish," and "i think the best looking breakout on my radar was" Celsius, while "amazon and apple are pretty much the main two that are on my radar as far as trying to pick a direction with the" QQQs. In biotech, "i think vrtx and uthr still look the best," and "it's not a get reckless environment for me." On the dollar, "it looks like it's gonna pull back into that 103," and "that 108 1080 was basically the measure was basically the completion of like the cd leg higher." For Google, "i think that 2600 gap is going to act as a magnet if we do break to the upside."
Ben's setups, levels and trades
Ben said "i've traded so little the past few months," and Apple "kissed right off that weekly resistance." With the Fed ahead, "i can see us gyrating for the next two weeks." On Netflix and Microsoft, "i really like that from a business decision is to get involved with microsoft." He "had the 60 30 10 rule on earnings 60 percent chance it's down 30 percent chance it's flat 10 chance of an upside surprise." On Bitcoin, the 2017 highs have held so far, "this is the all-time channel," and "i think we could absolutely get a relief rally." "The end of the wedge would be like november."
GP's setups, levels and trades
GP said "the QQQs are our lifeblood," and "in those nine or ten weeks what have we done we're literally" going sideways. "It looks like it's trying to form a base with this much technical damage it's not going to be the v shape everyone's looking for." "We keep selling off on the same news yet we're not going lower." "My number one indicator for all markets is apple," and "apple's starting to see relative strength versus the regular markets." Netflix "it's been trading in the 8 to 12 million share range the entire time since april," which means "they're accumulating here," and "netflix goes higher the market goes higher." "Where's the parabola everyone knows where the parabola is it's in the dollar," and "i'm waiting until it actually breaks down." A gap above 295 on the QQQs would create an island bottom, but "we have to take out that 3 18 level." Beyond Meat is "carving out a nice bottom," and Roblox "is another one that's been acting fairly well." Netflix "went from a growth stock to a free cash flow stock."
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