Chapters
00:00 Intro
02:03 Ben: Pump the Brakes on One Strong Week
04:11 GP: Netflix's Island Reversal
05:43 GP: The Bull Market Leader and the Market Leader
06:46 Ben: Different Structure, Same Downtrend?
08:21 GP: The QQQs' Higher High
10:57 Nick: The XLE and Energy Names
13:35 Where Does the QQQ Trend Change?
16:10 GP: The 334 Pivot
18:11 Earnings Week: Amazon, Google and Microsoft
20:48 GP: Netflix Didn't Fill the Gap
21:49 Nick: Netflix Is One of the Best Setups
25:56 GP: USD/JPY Intervention
29:02 Nick: Biotech and the XBI
33:10 GP: First Solar's Long-Term Base
34:41 Viewer Questions: FLNC and Crypto
37:18 Ethereum's Higher Low
41:05 GP: Doomsday Scenarios Need a Catalyst
50:42 GP: The 0DTE Flow Goes Institutional
51:44 GameStop and Bonds
54:19 GP: Apple and Amazon This Week
55:54 GP: Meta Into Earnings
57:26 Ben: IBD's Follow-Through Day
1:05:10 Waiting for Lower Prices
1:07:12 GP: Finding the New Leaders
1:07:42 Pinterest
1:08:47 Nick: Pushing Into the 50-Day
1:10:20 GP: XLE's Missing Follow-Through
1:11:51 Gold and Wrap-Up
Market Hours #42 went out live on Sunday, October 23, with Ben, Nick and GP. After a big up week, Ben told everyone to pump the brakes, while GP pointed to Netflix's earnings island reversal and its thesis that "if Netflix leads the market follows." Nick talked up the XLE and his biotech names. They also covered where the QQQ downtrend would break, USD/JPY intervention, a crypto check-in, GP's case that a second leg down needs a catalyst, Meta into earnings and finding the new leaders.
Nick's setups, levels and trades
Nick said the XLE "was probably one of the better looking ranges and just setups that I was seeing out there," with XOM breaking out and "the pxd EOG all those kind of more expensive energy names" starting to look good, though "I am an absolute horrible Commodities Traders." Netflix is "probably one of the best looking setups out there just based on the island reversal," and "I would argue that thing's going after the the at the very least like that 450 kind of pivot high." In biotech, Vertex and Regeneron "looks pretty good," along with UTHR. The XBI "hasn't made or even tested that double bottom low that 55-ish," and if there's a tradable rally, "I'd argue 75." Ethereum "had a pretty decent rally off that like nine you know 950ish area" and is "attempting at putting in a higher low." This week, "I think we push higher I think we're gonna push into that 50-day," and "a lot of the drug names look good."
Ben's setups, levels and trades
Ben said "let's pump the brakes on on your on your 4.6 for the s p," because "you got another 10 at least to go brother before you can be like yeah new bull market." "I do think that there might be a little more breadth behind this," but "until further notice we're still in a downtrend." On where the QQQ trend changes, "I would say it's through 295," "the 50 from 335 kind of pivot High we made to basically that 254 low." "For 18 weeks bitcoin's been sideways," and the QQQs could easily do the same. The XLE has to clear "this 89 90 area and until it clears that it's just a double double top." Earnings season covers "70 percent of the S P's earnings," with Amazon, Google and Microsoft reporting. "IBD must have considered Friday a follow-through day because they have us in a confirmed uptrend," with "725 stocks that were up on volume versus 100 that were down."
GP's setups, levels and trades
GP said "my my thesis has always been if Netflix leads the market follows," and "I consider Netflix the bull market leader and I consider Apple the market leader." On the QQQs, the pivot to clear is "334.42," "the capitulation low from January" and "the rejection off of the mid-august" high, and "it can't just clear for a week." On Netflix, "I'm disappointed with the move right because this should have filled that Gap," and "the 348 Gap is is the one I'd like to see filled." "The inside Day on on on Thursday on Thursday gave me a chance to buy some short dated calls which then paid off in droves." It "did clear the 200 SMA which is declining," and he expects it to come "back to retest the 200 SMA." On USD/JPY, "there's massive intervention going on," but "intervention is always a short-term solution," and "I think bonds have further downside to go." First Solar "had a 10-year base" between 12 and 55, "broke out came back to retest," and for the TAN, "when you do get opportunities you add."
GP said "every one of these moments has that potential to be 2000 and 2008," but "there's got to be a catalyst." "I can see the scenario where we go back and test the free money fed bazooka back in in 2020," which is 164 to 166 on the QQQs, but the QQQs have "held the 2020 Gap." On 0DTE options, "now it's all institutional," like "the big money was coming after the gmes" in early 2021. This week, "I'm watching apple," and "I do like the setup in Amazon here." "I still think we're we're in we're going to be in a rally mode posted post fomc." On Meta, "my biggest concern on meta has been the lack of accumulation volume," but ad budgets "go to best of breed" and "Facebook might be dying but Instagram is not dying." The XLE had a huge engulfing bar on the monthly without follow-through, "so I'm not thoroughly convinced." "Former leaders don't become new leaders," and Roblox has "Heavy accumulation on the weekly."
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