Chapters
00:00 Intro: GP Is Back
01:06 GP: The Pause May Not Come
02:39 Ben: We Can Chop Higher
03:39 The 334 January Pivot
04:10 GP: June's Sentiment Capitulation
07:15 GP: Jobs and Inflation
08:20 GP: The XBI's Double Bottom Breakout
09:52 GP: Asana and the Bases
11:25 Nick: Big Cap Tech Is the Tell
13:57 GP: Apple Leads the Markets
14:58 GP: Why This Rally Is Different
17:33 GP: The 24-Month Moving Average at 334
19:33 Nick: Regeneron, Vertex and BioMarin
21:15 Solar Holds Up
22:17 GP: Cybersecurity and Square
25:24 TSM and Roblox
27:58 Ben: Waiting on Bitcoin
31:05 Ben: The VIX to 19
33:11 GP: Oil at Multi-Decade Support
35:13 Ben: Still Bearish on Oil
37:20 Ben: Selling Tesla
44:28 GP: Tesla's 627 Level
47:01 Charts We Hate
52:17 Ben: ON Semi's Monthly Flag
56:25 AMD vs Nvidia vs Intel
59:30 The ON Semi Bet
1:00:01 Cathie Wood and Coinbase
1:06:44 Setups for the Week
1:12:26 Wrap-Up
Market Hours #33 went out live on Sunday, August 7, with GP back alongside Ben and Nick. GP said stocks underneath the charts look like they're just getting started, and Ben said the market can chop higher. The three also covered the XBI's double bottom breakout, the 334 January pivot, biotech, cybersecurity, Bitcoin, the VIX, oil at multi-decade support, Ben selling Tesla, ON Semi, AMD and Netflix.
Nick's setups, levels and trades
Nick said "what really started this off was Netflix right it's like it was Netflix and then you know" Amazon and Apple, and "big cap tech i think is yeah another place to like really keep your eye." In biotech, "look at regeneron dude," which has a "funky pattern," and "624 right there is kind of your pivot and it's been here for months." BioMarin "it's really been in a range" for five or six years. "I think that the ibb xbi i think the solars are looking good." On Facebook, "i'm just not a facebook fan in general." For the week, "vrtx is still popped on my list."
Ben's setups, levels and trades
Ben said "we can we can chop higher," and "i just think that there's more upside to go." "Before i'm i'm pulling the completely risk-on lever i would love to see bitcoin make some type of move." He still expects the VIX to go to 19, with a target around 18.40. On oil, "you have that overarching head and shoulders look too," and it "pushed right up into the moving averages and and failed," so "if this week's an inside week there might be some life but i i would probably take the other" side. "I sold tesla near the top the other day," and "i've got elon fatigue," though he admits "that's a terrible reason to sell something." ON Semi is "one of my favorite" stocks: "that's a beautiful flag on the monthly," running "right into the two-year moving average." He is already heavy in Marvell, AMD, Nvidia and SOXL, or he "would probably be buying qcom and on."
GP's setups, levels and trades
GP said "a lot of stocks underneath the charts are looking like they're just getting started," so "i don't know if we actually get the pause that everyone's looking for." The QQQs' 334 is "the bottom of that candle from january 24th 2022," when "we got the capitulation back then in terms of volume but we didn't get sentiment capitulation until like early june." "If the jobs report wasn't just a a weird number anomaly then the economy is going to be fairly strong," and "you're looking at inflation coming down." The XBI had a "double bottom breakout," then "three weeks tight," and "we started seeing M&A come through." Asana "made a monster move out of this base," but "we could top at the top of the range and just go right back down to the bottom." "Apple leads the markets and it has for the better part of the last 10 to 12 years." "The 24 sma i think sits at 334 which is bang on" this year's January low.
In cybersecurity, GP said Palo Alto and Fortinet "absolutely took a dump on earnings," but "the rest of the group's holding it up." Square "dropped all the way down near the low on thursday" and was "up nearly 12 percent on friday." On the VIX, GP said the bigger market meltdown couldn't come until it started to come down, because "basically everyone who's hedged" had to give up first. Oil fell "right into multi-decade kind of support from 2009," and "where this goes will also be a tell of where the markets go." On Tesla, "the biggest level will be that 627 level," and if it breaks, "it becomes a a fairly sizable short but i don't think it's going to." For the week, "i'm long," stalking Google and Shopify, and on Netflix "i personally think they're going to do a check back."
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