Chapters
00:00 Intro: Nick Is Out
01:31 Ben: The QQQ Gap That Never Closed
02:31 Jackson Hole: Powell Spooks the Market
03:33 GP: Friday's 10 AM Drop
06:38 GP: The Options Moves Into the Close
08:11 GP: The Weekly Trends Are Still Bullish
10:14 Ben: Island Reversal and Head and Shoulders
11:48 GP: Topping Patterns Belong at Tops
14:20 GP: The 13Fs Show Buying
16:25 Ben: September, October and the Midterms
18:57 GP: The 2008 Catalyst
21:30 GP: Rates, Oil and Peak Energy Earnings
24:03 Ben: Global Inflation Is the Problem
26:38 GP: The Fed Can't Fix Supply-Side Inflation
29:00 Politics and Global Cooperation
33:30 The Dollar's Quarterly Chart
41:09 GP: The VIX Barely Popped
43:13 Ben: Cathie Wood and ARK
45:18 GP: Why Keep Buying Teladoc?
51:00 Ben: Palo Alto and Cybersecurity
53:34 GP: The Dividend Argument
57:41 GP: Celsius
59:12 GP: First Solar's 10-Year Base
1:01:21 GP: Netflix Holds Its Earnings Breakout
1:03:55 Viewer Targets and Wrap-Up
Market Hours #36 went out live on Sunday, August 28, with Ben and GP. Nick was out. Ben said Powell's Jackson Hole speech caused a five percent top-to-bottom move in the QQQs, and he sees a head and shoulders and an island reversal playing out. GP said the weekly trends are still bullish and the 13Fs showed buying. The two also covered the 2008 catalyst analog, global inflation, the VIX's muted pop, Cathie Wood's Teladoc buying, Palo Alto, dividends, Celsius, First Solar and Netflix.
Ben's setups, levels and trades
Ben said "i was holding out hope that this week might close this little gap," but after Powell's speech "that's a five percent move from top to the bottom right there for nothing on the q's in my opinion." "I still think you know we've got another two and a half two percent further downside coming short term," with "this island reversal top which i hate." On the head and shoulders, "it's already broke the neckline," and "roughly down to the shoulders is about a five percent move." "I hate these chart patterns," but "when they've played out they've played out." "September's coming up we've known september to be one of the more volatile months in the market," and "i'm not terribly optimistic that we're launching right back to all-time highs anytime soon." "I really think that the global inflation is really hamstringing the markets more than u.s inflation is," with "germany electricity" up "like 720 percent for next year's contract." "If we get another two three percent down this week i mean there's no reason why" the VIX "can't be pushing 30." ARK "had a little rising wedge breakdown." On Palo Alto, "it's hard for me to walk away from cyber security stocks right now," and he holds BUG "because i got the palo alto in there."
GP's setups, levels and trades
GP said "right before jbl even started talking we dropped four dollars right at 10 am," as the QQQs fell from $319.99 on "unadulterated just selling." "On the weekly i'm hopeful because ultimately we're in a lot of kind of bullish trends that i can see," with "the nine crossing the 21" and "a fairly rapidly rising short term eight nine week moving average." "These are topping patterns," and island tops belong "at all-time highs not in the middle of a downtrend." "A head and shoulders doesn't have the volume on the right side it has the volume on the left side." In the 13Fs, there were some decent adds in "some pretty decent names." In 2008, "there was a catalyst that got us that next leg down," and Friday's Jackson Hole speech may be this one. "I would have expected rates to go bananas," but the 10-year "barely budged on friday," and "oil keeps rejecting the 200 day" while energy keeps getting pushed higher, so "the conversation of peak earnings continues to ring true."
GP said the "fed doesn't have much control over inflation," only over demand, and a friend's chicken wing franchise won't cut prices because "they're finally starting to make real margins." On the VIX, the VIX normally gets "like a 30 pop," but "we only got 17 on friday." On ARK's Teladoc, "she's been buying for months in this range right like so why are you buying if there's another leg down coming." IBM's dividend investors have done "nothing for 23 years." Celsius "closed higher than its all-time high back toward 20 21," retesting "110 22 level from november 2021." First Solar is "breaking out of a 10-year base it came back to check the 10-year base and now it's back to that breakout point." Netflix shows "not a lot of volume on this pullback it tested the gap it filled the gap," and "i said over 200 i like it but plus 220 i like it better it's still plus 220."
Subscribe for the weekly live show at YouTube.com/@MarketHoursPod.
This is not financial advice. Market Hours is for education and entertainment only. Always do your own research.
Follow Market Hours: YouTube @MarketHoursPod · X @markethourspod · TikTok @markethourspod · StockTwits @markethourspod