Chapters
00:00 Intro
02:33 Ben: Less Than Bullish Bags
03:35 Ben: XLV, XLF and XLI Broke Out
05:40 GP: Netflix Is Acting Like a Normal Stock
10:16 GP: Apple Is Weak, Tesla Is Improving
11:47 Nick: Apple's Sell Bars
12:51 GP: Good Stocks and Really Bad Stocks
14:24 Ben: Apple's Weight in the S&P
15:25 Nick: Apple to 100-110
16:26 GP: Tesla, Microsoft and the Dollar
19:29 Amazon's Three Weeks Tight
21:37 Nick: Biotech Names
26:17 Ben: LABU as a Catch-Up Play
27:21 The IBB and Mega-Cap Biotech
28:55 Nick: Stage One to Stage Two
29:56 GP: Financials' 13-Year Base
31:32 Macy's and Interactive Brokers
34:35 GP: Retail and the Consumer
38:17 GP: Shopify Re-Accumulates
40:54 Amazon and Tom Lee's Face Ripper
42:31 GP: Crude vs. the XLE
44:35 Costco
47:48 Soft Landing and Housing
51:59 Nick: Home Depot, Lowe's and DIY
54:04 Google
54:34 GP: Ethereum Holds Up
56:06 Nick: Ethereum's Last Leg
57:10 Ben: ETH vs. BTC
1:00:46 GP: Coinbase's Double Bottom
1:02:22 Robinhood
1:06:28 The Future of Crypto
1:12:11 Wrap-Up
Market Hours #46 went out live on Sunday, December 4, with Ben, Nick and GP. Ben moved from bearish bags to "less than bullish bags" as the XLV, XLF and XLI broke out. GP said Netflix is acting like a normal stock while Apple weakens, and Nick sees Apple heading to 100-110. The hosts went through biotech, financials, retail, Shopify, Costco, the home improvement names and crypto, where GP is long Coinbase off a double bottom.
Nick's setups, levels and trades
Nick said of Apple's weekly, he counted 13 sell bars on above-average weekly volume over the last year and a half, and asked whether "what we're seeing in apple is like on a longer time frame distribution." "Where I I would foresee it going is basically that that 100 to 110 range." In biotech he still likes Vertex, Regeneron and UTHR, and SRPT "was another one of my favorites." "The IBB is definitely my favorite," as "the mega bios are are outperformed." "When you're running your scans just look for stocks that are even if they're beaten down look for ones that have at least gone stage one and are ready to go stage two." On Costco, "it's sitting on the 50 day," and "I think if that trend line breaks I think we'll have... a different conversation." He wondered whether Lowe's and Home Depot could "perform similar to how like AutoZone and O'Reilly have performed," with people doing it themselves. On Ethereum, "I think ethereum is going to see one more leg," into the 650 to 850 range.
Ben's setups, levels and trades
Ben said the XLV, the XLF, and the XLI and the Dow have broken out, and "if the rest of the tide is rising those boats shouldn't sink." But "Amazon doesn't look great," and "Apple doesn't look great Microsoft doesn't look great." "I'm not bearish bags I'm less than bullish bags." "Apple falling is completely different than Tesla falling apple is seven percent of the s p." "If Apple sinks one percent it's a red day in the QQQs." "I kind of think I'm going to put some more into labu as opposed to moderna," since "I feel like labu might be my catch-up play here." On Costco, "it could absolutely pull back into the trend line," and "it wouldn't be the end of the world if it went down another 30 bucks." On Ethereum against Bitcoin, "it doesn't doesn't inspire me quite as much."
GP's setups, levels and trades
GP said Netflix "is as probably as technical as Netflix has been in its freaking history," and "it's basing for six months and then moving higher." "It's one of the few Mega cap kind of tech names that's sitting above all its moving averages." "Apple is the market leader and that one's acting like poop on fire," but "I do like how Tesla is acting here." Apple's chart "looks like Tesla right before" it dropped 50 percent, and "we're gonna start to see good stocks be good stocks and bad stocks be really bad." Tesla's last big consolidation saw it double in eight to nine weeks, which would be "a move to the 320 by January." "Microsoft actually looks good," and "ultimately it's all about the dollar to me." "So far dollar has been weak markets have been strong." HZNP is flagging right above its volume shelf. Financials made "a full year full retest of the base on financials of 13 years," and "financials have the potential to look like fslr in a few months."
On Macy's, "it had a low in 2008 came back and retested that low and look at the volume that showed up." Retail looks good "because the consumers are actually strong," and "Walmart filled that Gap like it was nothing." Shopify is "re-accumulating down here," and "it finally after 12 11 12 months closed above the 200-day moving average." Amazon is "three weeks tight," and "three weeks tight is a can slim bullish setup." The XLE "does look toppy on The Daily," but on the weekly it looks like a cup and handle. On Costco, "you have opportunities to buy in" tranches. Ethereum is holding up well, and "I've actually probably the most long I've been crypto currency in a while." "On what the last 16 weeks in ethereum we're making higher lows." Coinbase is "your classical kind of double bottom," and "I'm actually long coin," with "entry around 40 45 and stop was 44." "If it has that potential of mean reversion to the 50-day which is around like 57 56," and "the 200 days over had about 92," "this is a trade."
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