Chapters
00:00 Intro: Back From a Two-Week Break
01:35 Ben: How Far Down for the XLE?
03:06 GP: Energy's Distribution Pattern
09:23 Nick: Shorting the Trendline Break
11:26 GP: The Monthly MACD Curl
13:29 GP: Occidental vs. Amazon
17:36 Ben: What He Bought Friday
19:12 Nick: Chop or a Little Lower
20:16 Ben: Mixed Signals
21:18 GP: Three Candles and Inside Weeks
23:24 GP: Why the VIX Is Lagging
24:26 GP: The DXY Looks Bearish
28:38 Nvidia Into Earnings
29:38 Nick: Roblox
30:42 Sea Limited
32:46 Airbnb
33:46 Pure Storage and Super Micro
35:48 GP: CDW and Corporate Spending
36:50 Microsoft and Cisco
37:20 GP: XBI Rotation
38:50 Meta's Gap
40:50 Netflix and Tesla
42:24 Ben: Shorting Tesla
43:26 Green Weeklies and Snowflake
44:58 GP: Basing After the 2020 Breakouts
45:59 Coinbase and Bitcoin
47:00 GP: Natural Gas and BOIL
52:13 GP: Roku's Two-Candle Pattern
53:46 XLV, XLU and XLP
54:18 Buyouts, Lucid and Rivian
59:32 Ford and GM
1:01:05 GP: XME's Monthly Chart
1:04:10 Wrap-Up
Market Hours #55 went out live on Sunday, February 19, after a two-week break, with Ben, Nick and GP. Ben and GP made the case that energy is breaking down out of a distribution pattern, and Nick laid out where he would short the XLE and where he would start buying again. Ben brought mixed signals, GP answered with a bullish read on the weekly candles and a bearish DXY, and the hosts covered Roblox, Super Micro, CDW, the XBI, Tesla, natural gas, Roku and the XME.
Nick's setups, levels and trades
Nick said "let's just say I thought I'm throwing a short on and I'm putting my stop at like I don't know let's just say 90 95," and "I would start peeling some off in the low 60s." "The four-year moving average is just starting to curl up like that's sitting at like 57," and "I'd be looking to kind of get start nibbling along too I think in like the low 60s mid 50s." Near term, "I think we either chopped sideways or see a little bit lower," and "I think we get like a 395-ish 400" at some point, which "would push the McClellan into a negative 200 reading." "I have a lot of feelers out there," and "tsco is my favorite." "I like how Roblox is acting I think it's just doing a little bit of backfilling." "Smci is another one that I like a lot right now too... especially for a near-term Breakout."
Ben's setups, levels and trades
Ben said "it's been no secret that GP and I have hated The XLE for a while," and "once it breaks it's like 84 down to about 70." On Friday, "I bought my Nvidia back that I sold higher," he bought his SOXL back, and he bought LABU back "a little lower." "I'm not brimming with a whole lot of confidence on things I like," and he isn't wild about how the market is setting up. He saw mixed signals because the VIX was red Friday, and "on the QQQs and Nvidia we've got these exhaustion candles." On Tesla, "I successfully traded it short a couple times this week too," and "I've taken more short swings the last two weeks than I don't even remember when." He said GP "got me a little more bullish than I imagined I was going to come off of this call," though Nvidia into earnings is a coin toss.
GP's setups, levels and trades
GP said "2021 was Peak earnings for Tech 2022 was the destruction of tech 2022 was Peak earnings for energy 2023 will be the destruction of energy." "I fundamentally believe that it's a distribution pattern," and "I think oil goes sub60." "I'm betting on a short from the retest of the breakouts." For the XLE, "the mid 40s to low 50s is the area where I start looking for buyers to start stepping in," and "38 is a possibility as well." On the monthly MACD, "once that macd on the monthly cross down it was game over" for Roku, Square and Netflix, and the XLE's "is starting to curl down." His Occidental and Amazon comparison was about "the distribution pattern it's not the... stock." On the QQQs, "we have three candles up and you have inside the inside week above the 50 SMA that's hard to argue with," "so I'm fairly bullish." The VIX is lagging because people "don't have assets to protect," since "they're accumulating now." The DXY is "the most bearish looking chart I can see," and "the month monthly macd is actually Crossing down." CDW "broke out to all-time highs on the weekly candle," and "this is my corporate spend model." The XBI is the sector "that's been sideways for a long time," and "I can see this being the hot sector for the next few weeks."
"We are retesting a lot of the breakouts from 2020 in basing," and "I'm generally bullish." On natural gas, BOIL could still "get cut in half here," and "185 is what I'd be looking for." "If we get to that 185... I will be watching this very very closely." On Roku, "I love the two candle pattern on The Daily," and if "it takes out Friday's highs which is what 73.48 I think it's an easy ride to 77." The XME "had a what one almost a decade-long base on the month it broke out of that base and then retested it in 2022 and it's been holding."
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