Chapters
00:00 Intro: A Full Year of Shows
00:33 GP: The Bottom Was in October
01:35 GP: 58 Cents in Six Months
03:06 Ben: The Trend Is Down Until It Isn't
08:15 Nick: Apple and Tesla Drag the QQQs Lower
09:16 GP: Tesla Halved, the QQQs Held
13:54 GP: Netflix's Ascending Triangle
16:31 Don't Front-Run the Breakout
18:02 Nick: Buying Opportunities for Generational Wealth
19:03 The Fed and the Layoffs
21:37 Elon and CEO Ethics
32:28 Tesla as a Long-Term Buy
34:35 GP: A Tesla Dividend?
36:10 GP: Tesla's Tax Credit and Monthly RSI
37:12 Nick: Tesla's Head and Shoulders
37:44 Holding Shorts and the QQQs' 255 Level
40:17 Apple's 138 Break and Quad Witching
42:21 What We Like: Meta and Shopify
44:58 Nick: Solars, GEO and DocuSign
46:30 GP: Wynn and the Casinos
48:01 DraftKings, Nikola and Weed
50:03 Caterpillar, Deere and ARK Names
53:14 The XBI
53:45 Ben: Private Equity Deals
56:19 GP: The IPO List
57:50 Chewy and Adobe
58:52 Announcements: Friday Shows
1:02:08 One Direction: The QQQs at Year-End
1:03:44 Wrap-Up
Market Hours #48 went out live on Sunday, December 18, with Ben, Nick and GP, a year after the show started. GP argued the QQQs have gone nowhere in six months and the October low was the bottom. Ben said the trend is down until it isn't, and Nick expects Apple and Tesla to drag the index to one more low. The hosts went through Tesla as a long-term buy, Netflix, the QQQs' 255 level, private equity deals and the IPO list, then made their year-end calls on the QQQs.
Nick's setups, levels and trades
Nick said "I don't think we've made a high any higher highs and until we do I'm in that basically basically the same camp the trend is down," but "we've been kind of sideways for six months." "I'm in the camp that we see another... like a new" low, as a "gut feeling." "I think apple and Tesla still drag the QQQs lower," and "I still think Apple's heading back to basically like to say 110 to 105 Zone and I think Tesla's heading back to basically the 110 120 Zone." For long-term investors, "these are your buying opportunities for generational wealth." On Tesla's weekly, "I think the head and shoulders that a lot of people were kind of looking at is what's going to play out," with "the measured move" between 110 and 120. "Probably the solars look better than anything." GEO, the private prison stock, is "relatively strong compared to the rest of the markets."
Ben's setups, levels and trades
Ben said "I'm I'm staying in bearish bags Camp," and "we're we're in wait and see mode." "The trend is down until it is not down," and "until we take out levels to the upside we're still in the downtrend." "This is a lower high lower low lower low lower low," and "we did make a lower low off of that six months." "Remember I'm wanting to be bullish." On Tesla, "I feel like we're in a very different Market environment" than 2013 to 2019. Private equity has been buying, with Maxar, Coupa and Weber all taken out. "I am long-term bullish I'm just short-term bearish I don't think we're going to zero," and "private Equity doesn't think that we're going to do that either." His year-end call: "I say we are lower than 274.25 to close the year."
GP's setups, levels and trades
GP said "I think we find a definitive bottom within the first quarter of 2023," and "I think that's what October was." "We are down 58 cents on the QQQs in six months," and "I'm in the trendless camp." The QQQs could gyrate between 250 and 300 "for the next two years until until this thing resolves." Tesla was cut in half while the QQQs held, so "there's obviously strength showing up somewhere that's not those names," and "on Friday we retested that Gap and held." Netflix "had the the 10 week crossover the 50 week," and "to me that looks like an ascending triangle." On Tesla, wherever it finds a bottom will be a strong buy, and "if he introduced a dividend the entire class of the the crazy volatility that happens with Tesla would change overnight." "January 1st introduces a federal credit back in the mix," and on the monthly "those are pretty solid points to buy the dip." "If we break that 255 level" on the QQQs "it's not going to hold anything really," but "I don't think we're breaking lows." The casino names are "all at that point where they keep getting bought," and Wynn's "84 level... has been bought hand over fist." From his IPO list, "a lot of these companies that came in way overvalued... these are the ones that have potential to get bought out." His year-end call: "I think we close about 300 for the year."
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