Chapters
00:00 Intro: Ben and GP, Nick Out
01:03 Ben: My Spidey Sense Is Tingling
02:37 GP: 20 Cents in 13 Months
10:21 GP: Financials Holding 30.98
11:24 Ben: Apple and Microsoft
12:28 GP: Breadth by the Numbers
15:06 GP: Recessions in Up and Down Markets
17:12 Ben: Bears Doubling Down
20:17 Ben: Amazon Wants to Rip
22:25 GP: Amazon Has Been Disrespected
23:58 Alibaba's Split
25:31 GP: The Horsemen Rotate
26:04 GP: Roku's Inside Weeks
29:08 GP: How He'd Play Roku
34:17 Ben: Trading in Multiples of Three
35:51 Gold: Wait for the Breakout
38:57 Ben: UnitedHealth and Boeing
40:59 GP: Costco Isn't the Canary
45:37 GP: Energy and Pioneer
47:39 GP: Enphase and First Solar
49:43 Ben: InMode
51:19 GP: 3M's Quarterly Trend Line
56:29 The Trade Desk
58:36 GP: Crypto After FTX
1:00:37 Wrap-Up
Market Hours #63 went out live on Sunday, April 9, with Ben and GP. Nick was out for Easter. GP pointed out that the QQQs had moved 20 cents in 13 months and that financials were holding 30.98. Ben made his case for Amazon. GP walked through how he'd play Roku into 76, and Ben shared his multiples-of-three rule. They covered gold, Boeing, Costco, energy, 3M and The Trade Desk, and finished with crypto after FTX.
Ben's setups, levels and trades
Ben said "my spidey sense is tingling and I feel like we're gonna rip," and "I think we're going to leave everyone in the dust who decided to get out." "That's the Lost decade Theory right I brought that up a few months ago." On Apple, "Apple's actually higher than the sideways QQQs," and Microsoft did "nothing but just rocket ship higher." "Bears have just continued to double down and double down," and "you say something enough times eventually you're going to be right." "I like Amazon so much right here," and "I may never get that chance to buy it 85 again." "It wants to rip and probably rip right through this 50 EMA right here at 110," with "140 145" as his target, and "once it breaks through this like 105 area like I don't think that there's much going to stop it." On Alibaba, "I wish I just bought those 85s instead of trying to sell to open on those puts." On Roku, "I was once very long in Roku and it did very well for me." His rule, learned from Nasty Nate, is to trade "in multiples of three," because "it forces you to take profit." On gold, "I would be okay for it to go a little higher if I wanted to get in Gold." "What a week by unh," and "Boeing is still the trade that I don't like," since "the RSI is still trending down but yet price is higher that's... a negative Divergence." On InMode, "I don't have a position here so I would probably wait for a breakout of like this 38-ish." "I really like the trade desk," and "I might set an alert for 59."
GP's setups, levels and trades
GP said that when Russia invaded Ukraine, "the QQQs were hit a low of 3 18 26," and now they're at "318.06 a grand total of 20 cents down in 13 months." "Can we stop talking about a downtrending market." "We could be sideways for another 13 months." Netflix's "EPS has grown by 23x since then," yet it sits where it was in 2018. Financials are holding "the 2008 base Breakout," and "that number is 30.98 and it has held for four straight weeks." "You break that 3098 on a closing basis then... you're going to have a lot more stuff to worry about." "Of the 503 stocks in the S P 500 278 are green for the year." "Recessions happen in ups and down markets," and "the market is absorbing the rate hikes." Amazon "has... been disrespected for so long," and "it is still 30 below the weekly 200 moving average." He is still long Alibaba through September 120 calls and hopes to sell them "When Baba hits 180." "Maybe those Horsemen rotate right from Apple to Amazon and... from Microsoft to maybe Netflix."
"I like Roku a lot still on the Roku train," with "seven inside weeks in a really tight closing range." It "keeps getting sold off at 66 but keeps getting bought anywhere below 60." Into 76, "I think it breaks through 76 this time... on its way to about 90." "I'd be selling in batches to make sure that... it's green trade no matter what happens." On gold, "literally everyone's seeing the same gold chart," and "this is not a cup and handle." "If you're going to wait for the breakout wait for the breakout." On Boeing, "I think 186 is more likely than 250." On Costco, "if they were really worried about Costco and it's declining sales why isn't this candle look like the one that we had last year." "For the last year oil has been getting smoked and XLE has just been sideways to up." On Pioneer, "if oil was bullish why would you need to buy growth." "The First Solar obviously is my favorite because the fundamentals actually look pretty good," while Enphase's weekly "doesn't look great." On 3M's quarterly, "if we break this level on... the quarterly it's probably going to go back into that base." The Trade Desk "has been on my radar for the last couple of months but it's been sideways," and "you're fighting against a sideways tape." With FTX, "one of the major exchanges on the verge of collapsing yet the crypto space did not."
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