Chapters
00:00 Intro
01:07 Ben: An Exuberant Week
01:38 Nick: The IWM Is Just Getting Started
02:42 GP: Waiting to Short
05:51 GP: Boeing and Home Depot
08:28 Ben: JPMorgan's Collar at 4320
11:31 Where Will the SPX End June?
15:43 GP: The Hanging Man Myth
18:18 GP: The S&P 493
19:51 Ben: Raising Cash
22:29 Ben: Waiting for an IWM Pullback
24:03 Nick: The IWM's Breakout Line
25:36 GP: The 180.39 Gap
27:38 GP: Short the Dollar
30:10 GP: OPEC Cuts and EVs
32:47 Nick: Energy's Third Leg Down
34:54 The Fed and CPI
37:02 Ben: The Hulk Hogan Market
37:33 GP: Tesla Is Just Starting
39:39 Nick: Tesla's Sell Volume and 260
43:48 Ben: Tesla Hasn't Had Its Move
46:22 Nick: A Lockout Phase
48:25 Magnite
50:31 GP: Shopify's Cup
52:05 Ben: AMD
52:42 GP: Intel Calls
55:16 On Holding
56:49 Redfin
57:21 Ben: Coinbase to 70 and Hut 8
1:00:00 Penn and the Casinos
1:02:01 Nick: Dexcom
1:02:36 GP: Gilead and Intel
1:03:36 Ben: Bottom Fishing in Target and Disney
1:06:07 GP: Target's Remodels
1:07:43 Wrap-Up
Market Hours #69 went out live on Sunday night, June 4, with Ben, Nick and GP. After another strong week, Nick said the IWM is just getting started, and GP said price action is telling the bears none of their reasons matter. Ben played the cautious side and expects the SPX to pause below JPMorgan's 4320 collar. The hosts went through the dollar, oil cuts, Tesla's breakout and the IWM's breakout line, then finished with Intel calls, Coinbase and bottom-fishing in Target.
Nick's setups, levels and trades
Nick said "I think we're just getting started." With the SPY "kind of just pushing into that what that 430 like Zone," a pause makes sense, "but... the iwm's just getting started." "What's more than likely in store is just kind of some money rotation." On the SPX, "I think that we're heading somewhere between like 45 and 4 600." On the IWM, "if it dips below what like 179... mid 178 yeah I'd be under the assumption that it's heading back to 168 because I'd look at it as a breakout failure." On energy, "I think we're starting to work like basically like a third leg down," with "a longer term measured move" to "mid 60s you know 63 65 66ish" on the XLE.
On Tesla, "there have only been six days of like barely above average cell volume" since the end of January. "I think 260 in near term is is not out of the question," and "that Gap is going to act as a magnet." "We're in a in almost a lockout phase where the corrections are going to be super shallow maybe into the 20 day." On Magnite, the February 23 bar "was a big volume bar," and "it just broke out on Thursday." On On Holding, "if I could get it like closer to like 23 24... that's kind of where it broke out of the weekly range." He likes Dexcom's daily range, "that 122 to about 100."
Ben's setups, levels and trades
Ben said JPMorgan's collar has its upper strike at "43 20," and "I think it's going to serve as a magnet." He took the other side of the guess for the end of June: "I'm gonna say somewhere around 4 000 4100," because "we we need a little bit of a little bit of a breather." "I've got more cash than I've had since March of this year," after he "sold some labu" and some of the China 3x ETF. On the IWM, "would it be crazy to see the iwm pull in another five dollars and give me another chance to buy before it breaks out." If it broke the EMAs, "that would be my stop." Into the Fed, "we're going to have 10 days of what I'm going to now dub the Hulk Hogan Market." On Tesla, it should get "at least... into 250s in mid-250s probably," and "it hasn't had the move that a lot of the big Mega cap names have had." "I don't think we're going below 38.90."
On AMD, "I love Lisa Sue I love AMD," and "I'd love to see a just a kind of a slow grind down to like the lower one teens." On Coinbase, "I'm gonna get my seventy dollars," and "I'll probably take some off somewhere in the 70s." He read Hut 8's report: "they mined 475 Bitcoins last quarter and they sold 421 of them," so "it's tied to bitcoin." Target has "been on my shopping list for some time," and "I want to see if it can stay treading water in the 130s." He'd be happy with "the high 140s." On Disney, "I feel like 110 I can see the move."
GP's setups, levels and trades
GP said "your price action is telling you that none of that stuff matters and until it does why fight it." He has long held that the market is "sideways and leaning bullish." Boeing "is starting to break out of its monthly flag higher not lower," and Home Depot has "those Wicks right off the bottom." On the SPX, "if it takes out 4 300 you're probably looking at closer to the 4600 top of the range." On the weekly hanging-man talk, Thomas Bulkowski's backtests at thepatternsite.com show it "is a bullish continuation" 59 percent of the time. "It is the s p 493 right like you can't just take out stocks and make up your own theories." On the IWM, "180 39 is the high of the Gap fill," and a retest "slightly lower a dollar at the most... is okay." On the dollar, the monthly moving average "is now curling down for the first time in nearly two years," so "you should be looking to short the dollar until that changes." On OPEC, "every time OPEC is cut it's because their demand sucks," and EV adoption may be "a better bigger impact than you imagined."
On Tesla, "it is just starting in my opinion here and I think it's going to be powerful." "It is the highest close in Tesla since October 24th week 2022," and it retraced only 50 percent where Nvidia retraced 61.8. "I believe Tesla will most likely take out all-time highs by the end of the year." Magnite and many other names "came back to their 2020 kind of breakout moves and they basically based." On Shopify, "it looks like a cup." On Intel, "I bought 31 calls it popped like 400 500," and "I actually added July calls," with "20 25 leaps" to come. "I don't do IPOs that are not like at least three years." Gilead "is flagging on the monthly," and "this screams by some leaps to me like 20 25." He traded Target's bounce, and the store remodels "could potentially be on the verge of" paying off. If Target fails "this 125-26 area," then "90 is the next most likely level."
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