Chapters
00:00 Intro: Memorial Day
00:31 GP: Did 2022 Reset Every Chart?
04:08 GP: The End of Free Money
05:42 Ben: Your Exit Number
08:18 GP: Nvidia's Relentless Wave 3
09:49 GP: This Isn't a Bubble
11:52 Salesforce Into Earnings
12:53 GP: Lazy Breadth Talk
15:27 GP: Netflix's Ascending Triangle
18:30 The Debt Ceiling and the Bears
21:07 GP: It's Easy to Get In and Out
22:10 Ben: Trading Around Positions
24:16 GP: Nvidia's False Breakdowns
25:17 The First Stock You Married
27:52 Shorting Nvidia
28:55 Intel vs. AMD
32:00 The Intel-AMD Wager
34:43 Nick: Tesla's Trigger at 200
35:14 GP: Tesla's 50% Retrace
36:48 Ben: Tesla's Gap Magnet
37:18 GP: Elon Refocuses
39:52 Square, Costco and MongoDB
42:28 Nick: Okta and Cybersecurity
42:59 GP: Rotation Out of 2022's Winners
44:00 GP: Exxon's Rejections
46:43 Ben: Bitcoin to 40K
47:16 Nick: Bitcoin's Head and Shoulders
48:21 GP: Bitcoin's Rounding Bottom
50:23 Ethereum vs. Bitcoin
52:57 Ben: Amazon's Rejection
53:27 GP: Wait for Amazon's Retest
54:27 GP: Junk Bonds
56:58 GP: Apple to the Mid-200s
57:58 Coinbase and Alibaba
1:00:35 Nick: Google and VMware
1:02:07 Ben: Moderna
1:04:13 Ben: Earnings Names and Disney
1:05:46 GP: Goldman and Boeing
1:09:20 Ben: Nio, Lucid and Rivian
1:10:53 GP: Rivian, Set It and Forget It
1:11:54 Wrap-Up
Market Hours #68 went out live on Memorial Day, Monday, May 29, with Ben, Nick and GP. GP asked whether 2022 reset every chart, and argued that Nvidia's run is a wave 3, not a bubble. Ben talked about setting an exit number. The hosts made a friendly wager on Intel against AMD, read Tesla's gap magnet and Elon refocusing on the company, and took sides on Bitcoin's road to 40K. They finished with Amazon, Google, Goldman, Boeing and Rivian.
Nick's setups, levels and trades
Nick said "we have been kind of sorting out the winners and the losers," and "it's still a stock Pickers Market." "There's a lot more people that are playing the markets that don't want to see these things go to Zero versus those that want things to go to zero." On Tesla, "I think your trigger ultimately is through 200 slash the 200 day." He brought up Okta a couple of weeks ago, and "the whole cyber security sector is doing its thing." On Bitcoin, "I still think it kind of looks a bit Head and Shoulders ish," and "it would have to take out kind of that 29k for me to change my tune." "The measured move on that would just be down to 23 7," and he thinks it wants to test the base high "between 22 and 24." On Alibaba, "I'll pass better setups out there." On Google, "I'm kind of looking at as a pretty much like an island reversal," and "I think it's hiding higher." He likes VMware too but has no position. He also likes KLAC.
Ben's setups, levels and trades
Ben said "one thing that I've been really focused on is what my exit number of getting out of the rat race is." "I'd like to be done with that over the next 10 years and I'm on track to do that." His YOLO options are "my small gambling account." "I've sold some of almost every position that I've ever owned at some point in time and if I like it... I just buy it back later." "I don't be an acolyte to a stock name and just hold it forever." On Intel against AMD, "this is like turning a battleship around," and he doubts Intel goes "from 29 to... 76 quicker than AMD is going to go from 127 to 165." On Tesla, "near term I think it's going after that two the 256 to 263" gap. "I kind of like Square here honestly." "Bitcoin's coming for 40K like that is gonna happen sooner rather than later." Amazon is "the bags family office leading position," and "I really thought they were going to take out the post earnings high at 123." "Even if it came back down in the one teens like it's not the end of the world." On Moderna, "if you can get it around that 120 something that might be a shot." He's watching this week's earnings names, "whether it's Asana or it's Salesforce or whether it's Sentinel one or crowdstrike." He "did purchase some Disney" on Friday, and "it held 88 which I wanted to see." "I think the only competition really for Tesla is ravian," and he holds Rivian in Bags Brothers Capital, bought "near the lows."
GP's setups, levels and trades
GP asked whether "it's possible that every chart on the planet got reset" in 2022, since names went back to "the 2020 covid lows base." "That type of free money Society is no longer valid at the moment." On Nvidia, "I've been talking about this Relentless wave three," and "a bubble doesn't usually end at a 200 move or a 300 move." "Whoever is talking about seven stocks leading the market is just lazy." On Netflix, "this has been an ascending triangle since the January 2022 candle," and "they're a free cash flow monster." "It's easy to get in and out so if you're wrong you can get out." Nvidia "is a master of false breakdowns to reverse higher." Intel "is retesting the base from the base highs from 2000 to 2014-15," which "looks very similar to what fslr did." "I think you'll have out performance from Intel over AMD." On Tesla, "your first sign on Tesla was when you had the false weekly breakdown below that 162 low," at "exactly a 50 retrace," so "this move actually might end up being... more powerful than the Nvidia move." "When Elon is refocused on his mission he's a really hard person to" bet against.
He sees rotation as "the names that outperformed in 2022 kind of start moving down," including the XLU, XLV, XLE and XLP. Exxon "tried to reclaim the 200 SMA boom got rejected." On Bitcoin, "I'm in the camp that bags is in," with 40K "in the next... three to six weeks," off a "solid rounding consolidation bottom at the prior highs." On Amazon, he wouldn't chase: "potentially wait for the retest of that 121 level." Junk bonds have "higher highs higher lows since the October lows," and he'd be "very concerned" under "that 8850 level." On Apple, "you think it's going to be stuck at 182. I highly doubt it mid 200s for sure." On Alibaba, "I'm still holding my full position in September calls." Google is "one of the few charts that broke through the weekly flat top Cloud." Goldman put in "a weekly Hammer right underneath the now Rising weekly 50ma," and Boeing "has just flagged out here," because "I try to look at Best of breed." On Rivian, "buy it between 1168 and probably 16. and then wait."
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