Chapters
00:00 Intro: Ben and GP, Nick on Hiatus
00:33 Ben: Apple's Big Week
03:10 GP: Don't Fight Nvidia's Parabola
07:49 Ben: Big Tech Is the New Banks
08:51 GP: Google's Cash
10:25 Ben: Small Caps and the Banks
11:56 GP: Banks Failing on Treasuries
13:31 Ben: The XLF and Buffett
16:05 Ben: Ally's Yield
16:35 GP: PacWest's Insider Buying
20:13 Bitcoin's Monthly Doji
22:50 GP: Biotech's Springboard
24:24 GP: Seasonality and OpEx
24:55 Ben: Tesla's Channel
26:32 GP: Tesla's Volume Shelf
29:43 GP: Shopify's Base
32:45 GP: Distribution in Energy
34:54 Health Care's Falling Knives
37:00 GP: Rotation, Not Recession
40:04 The Big Banks Get Bigger
44:41 GP: Lockheed and Gold
48:21 Ben: The XLI and Boeing
49:24 GP: Netflix's Time Frames
52:26 Ben: Netflix's RSI
55:02 Ben: Okta, Robinhood and Dell
57:36 GP: Redfin
59:07 DigitalOcean and GitLab
1:01:19 Ben: Morgan Stanley and Qualcomm
1:02:52 Marvell
1:03:55 Oracle
1:05:30 GP: Alibaba's Retrace
1:08:33 Wrap-Up
Market Hours #59 went out live on Sunday, March 19, with Ben and GP. Nick was on a break. As the bank crisis spread, Ben called big tech the new banks. GP argued that banks failing on Treasuries looks like vulture behavior, not 2008, and pointed to PacWest's insider buying. The hosts also covered Nvidia's parabola, Tesla and Shopify, energy's distribution, gold, Boeing and Netflix, then finished with Ben's new trades and GP's Alibaba calls.
Ben's setups, levels and trades
Ben said "I will sometimes trade Apple in place for spy and this was the bad week to do it," and "I had three or four instances to get out of my Apple short and didn't until it was too late." Meta "still looks really good as much as I hate Facebook." "Big Tech is the new Banks," and "I love big cap Tech and heavily invested in apple and Microsoft." "The market was only up one percent for the week," and "a lot of people don't realize with the small caps is there's so many of those Regional banks in there." The XLF is "still at a support... resistance Point here," and "you could see this FAS or kre turn on a dime Monday morning." Ally is "at the beginning of pandemic lows," with "a five percent yield," but "I'm not in it." On Tesla, "I never like buying the middle of a channel," and "the week's low maybe take a shot that's where I had that 159 mark." On Shopify, if "you can get above that 46 47 level," he sees "pretty... good things onto the upside." "I don't like the xli the Industrials," and "I don't like Boeing," because "Boeing is got so diluted in 2020." "I can see a good 50 point drop in this guy." On Netflix, "that RSI breakout has held," and "if I wanted to get long might not be a bad shot here at 300." "I have January leaps on this." He "dumped out of a small one on OCTA," and "I parlayed that into some Hood," which "can probably get up to I don't know 11 12 bucks." On Dell, "I got assigned for even money," and "this can be a good trade up into the 40s." Morgan Stanley is in "the Gorman buying Zone," and "I'm watching Qualcomm also." On Alibaba, "I sold puts to open."
GP's setups, levels and trades
GP said "we need to see some follow-through above this 246 level here on the SMH," and if that happens, "Nvidia is fine." "Parabolas can keep on parabolaing until they crash and I think this is not the crash moment." Nvidia "started the year off reclaiming the weekly 21 SMA that it continued to reject all of 2022." "Google has 140 billion dollars in cash." On the IWM, "I still see higher lows," so "now it's coiling." On the banks, "you're insolvent because you bought U.S treasuries," "so to me this looks like vulture Behavior," and "it's not 2008." "XLF closed exactly at the highs of 2008," and "that's the level in the sand on a closing weekly basis." PacWest "had insane Insider buys immediately after the drop," and "if you get an opportunity to buy under like the 840 level I think it's a gift." "If FTX couldn't distort crypto it's probably bottomed." He sees "a lot of this stuff right now is in Spring phase." "We always crash between Feb Opex and March Opex." On Tesla, the "biggest volume... came in between 100 and 123," and "I wouldn't be surprised if this is over 400 by the end of the year." It's "better to hold Tesla and buy on dips than to trade." Shopify is "holding above that 40 level which I think is really important."
"I think oih outperforms XLE over the next five years," and RIG "looks like an accumulation and retest." "Everything that worked in 2022 is not going to work in 2023," and "momentum wanes then it collapses." Energy's distribution "is not about a recession but this is more about Peak earnings." On Oxy, "you notice how he hasn't really bought above 60," and "it looks very similar to Amazon." "It's the premature breakout for gold and I think this gets absolutely slammed." "If we do get to the 1780 level is where I think we... should start looking for a longer term long." On Netflix, "my thought process has always been that may is when Netflix breaks out." Redfin "has potential to get to 13." Alibaba is "a very very very similar setup to Nvidia," with "a 61.8 retrace which is exactly where it's holding." "I'm in calls that way I have my... risk defined," "it's a starting position," and "if it breaks 75 I'm out take the loss move on."
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