Chapters
00:00 Intro: The First Show of 2023
01:07 Nick Is Back
02:09 The XLE and Oil
04:45 GP: Bonds Were Bullish All Week
05:46 GP: The Dollar's Distribution
07:19 Ben: Wait and See, but a Little More Bullish
10:22 Ben: The Barron's Cover
12:24 GP: Free Money Is Gone
15:02 Nick: An Inverse Head and Shoulders
17:08 Two and a Half Years Sideways
18:08 Nick: Tesla and Apple Targets
18:40 GP: Netflix's Ascending Triangle
21:16 Ben: Nvidia and the Semis
23:54 GP: Meta Bases in the Gap
24:55 GP: The QQQs Hold Without the Generals
26:27 Ben: When the Mega Caps Took Turns
27:58 GP: If the XLE Works, Everything Works
29:01 Costco
30:04 How Are You Positioned?
30:34 GP: FedEx and the Transports
32:04 Nick: The Weekly and Monthly McClellan
33:05 Tesla's Year
34:06 Nick: Where He'd Buy and Chase Tesla
37:47 The One-Basket Game
40:24 GP: Tesla After Elon and AMD
46:03 Netflix to All-Time Highs?
47:06 GP: The XME and Gold
49:07 Stocks That Won't See Their Highs Again
52:14 Consumer Names
54:25 Target and Walmart
54:55 China's V Bottom
59:08 The Dollar's Reserve Status
1:00:11 GP: Leaning Bullish
1:02:15 Biotech
1:05:56 Wrap-Up
Market Hours #51 was the first show of 2023, live on Sunday, January 8, with Ben, GP and Nick back from a break. GP pointed to bonds, the QQQs holding without the generals and Meta basing in its gap, and he leans bullish. Ben stayed wait-and-see but turned a little more bullish after Friday. Nick laid out a possible inverse head and shoulders and where he would buy and chase Tesla, and the hosts went through Netflix, Nvidia, FedEx, the XME and the stocks they doubt will see their highs again.
Nick's setups, levels and trades
Nick said "it kind of looks like we're starting to put in like an inverse Head and Shoulders 410 would be kind of like a trigger," and "we're sitting right on like dude a trend line that we started back in September 2011." "I do think we're starting to put in the bottom." Tesla "very well could take out a hundred and you know drift down to kind of like the mid 60s," and Apple "could drift on to hit that kind of 110 area." He's long. "Both the weekly and the monthly" McClellan "are pushing... into like overbought territory." On Tesla, "I'd be positioning for like a move into the let's just say 80s," and "I'd probably Chase it maybe through the 20 day so maybe like above like 140." "If price holds 20 day all right let's go." "I would say Tesla's probably the number one that I would throw a lot of money at first," and he would peel some off "at a double," with the 240s and 250s as a possible stall. "There's no question in my mind that Tesla doesn't make another all-time high at some point." Among names that won't see their highs, he picked Redfin and Opendoor.
Ben's setups, levels and trades
Ben said "I'm still very much wait and see Camp," but every time the market gets below the June lows, "buyers step in." "If one were to be in the full GP Camp of there is no Trend and we're sideways... then you have to be a believer in this positive Divergence." "Friday saved everything for a bullish thesis," since "you powered up above all key EMAs on The Daily you powered above the nine EMA on the weekly." He liked Barron's tech cover because "every time they put out a cover it's like the opposite happens." "I'm not ready to shout the all clear signal just yet." "I should have bought some more Nvidia during this consolidation," and "I dabbled a little more." "You have a 61 retracement almost to the penny," and "we have a higher low." "You guys know I like chips in general," including ASML and Broadcom. For a long time only two or three mega caps were working "while the rest wasn't," and "the rest of the market churned higher in late 2020 early 2021." On China, "I have talked about why I don't like China it doesn't mean you can't have a good trade in it."
GP's setups, levels and trades
GP said "the action that I was seeing in Bonds in high yield growth in junk bonds and in lqd" was impressive all week. "I think the dollar doesn't have a great year personally," and "it's a distribution pattern more than anything else." "Free money is gone," and "you're looking for a new class of leadership in this new tech resurgence," because "Google's chart still looks like garbage." "I'm in the camp that we are basing we're consolidating three to four years of craziness," and "for us to have a next leg lower something fundamentally has to break." Netflix is "technically the best mega Tech cap stock" in "a ascending triangle," and "I would still personally play call calendars right like I would sell March calls and buy June calls." Meta is "actually basing in the Gap and not breaking down." Even with Microsoft, Apple and Tesla falling, the QQQs have "not made a new low," so "there's other leadership forming." "You can't have bullish oil and not bullish everything." If the low holds, "this will be the fourth straight month that we have not made a new low."
FedEx is "breaking out into that Gap" above 184, with "a lot more volume on the upside than there is on the downside." On Tesla, "the question is when... does it go back not if." His pick for one basket is Tesla too, and he thinks Lisa Su will take AMD back to all-time highs. "I think Netflix sees all-time highs." The XME is a "classic kind of double bottom 10-year base and then retest," and "I think metals are a good place to be over the next few years." Gold: "I like gold but I'm not going to play it till it breaks out." Snap is one name he doubts will reach its highs again. "It's just possible that we are creating the base that never got created in 2020," and "I lean bullish because that's what a lot of the price underneath is telling me."
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