Chapters
00:00 Intro
00:41 Nick: Boeing Breaks Out
02:15 Ben: The QQQs' Weekly RSI
02:47 Nick: LRCX, KLAC, Broadcom and AMD
03:48 Ben: CPI and Fed Week
04:19 Nick: The First Move Is the False Move
05:50 Nick: Airbnb, Snowflake and Shopify
06:53 Nick: Apple's Biker Bar
08:58 Ben: The Perma-Bear Thesis
09:28 GP Joins
10:28 GP: Netflix Leads the Market
11:28 GP: Good Stocks vs. Bad Stocks
15:04 GP: Square, PayPal and Shopify
17:06 Nick: Square Back to 140–150
18:08 Ben: Sitting in Apple, Microsoft and AMD
19:11 GP: Taking Risk Off
20:13 GP: Tesla's Nvidia Setup and the August 230 Calls
21:48 GP: Apple's All-Time-High Weekly Close
25:22 GP: Boeing and the Great Rotation
27:29 GP: Meta, Home Depot and Rotational Names
28:30 GP: Salesforce
29:32 GP: Nvidia's Three-Week Tight
31:34 GP: Vroom
33:07 Ben: Cathie Wood Sells Tesla for Meta
35:45 Ben: Bitcoin and Ethereum Season
37:50 Nick: Bitcoin's Weekly
38:20 GP: Altcoin Season Comes Later
40:28 Ben: Litecoin and TradeStation
42:39 GP: Consolidation, Not a Crash
43:12 Ben: Why Won't the XLE Die?
43:46 GP: It's the Flow
44:49 GP: Emerging Markets
45:50 GP: Amazon Is an Own, Not a Trade
47:52 Ben: The IWM's 177.45
48:58 GP: What Doesn't Break Down Breaks Out
50:33 GP: Roblox's Monthly Numbers
52:40 Nick: Roblox Alerts at 43 and 48
53:40 Ben: Long Rivian
57:19 Ben: Target's Weekly RSI
58:52 Transports and Industrials
59:55 GP: A Rotational Bull Market
1:00:55 Nick: What He Likes
1:01:28 GP: Intel, Netflix and What He Doesn't Like
1:03:33 Ben: Asana
1:04:03 Wrap-Up
Market Hours #70 went out live on Monday night, June 12, with Ben and Nick, and GP joined a few minutes late. Ahead of CPI and the Fed, Nick talked through Boeing's breakout and Apple's "biker bar." GP took a victory lap on the rally and his August Tesla calls, and he split the market into good stocks and bad ones. The hosts covered Nvidia's three-week tight, Bitcoin and the altcoins, the XLE that won't die, small caps and Rivian. They closed with rotation into transports and industrials.
Nick's setups, levels and trades
Nick said Boeing "was just kind of caught in a range between what like two 15 and like 195." "I was a little late to the party I actually grabbed some today," and "it could easily pop to like 235." In tech, "I still like lrcx and Clack both kind of through their short-term pivot highs," along with Broadcom, where "8 30 is kind of like the pivot High." "Clack lrcx and even AMD I think are are all three ready to... rocket ship." In Fed weeks, "usually that first move is definitely the the false move." The SPY "could pull all the way back to like 4 20... and still look it'll still be fine." "These indexes just ride the 20-day all the way in the new highs." "Airbnb broke out kind of like a short-term daily kind of Channel." "I'm in a small position in snow off of the 20 day," and "shop looked freaking amazing today too even closed over 65."
He calls Apple's selloff bar "a biker bar because price is still above the 20 day above the 50-day above all the major moving averages." "If you're a long Apple like you should have been long like 158 160." "You should be hoping for some sideways a little pivot put in up near highs to give you another spot to enter." "I actually really like Square," and "140. actually is where I think it's kind of ultimately going." On Bitcoin's weekly, "nothing's lost you're still hanging on to all your EMAs," and "the 200 day is right there at 20 23 and a half." On Roblox, "I have alerts set at 43 and 48 I don't have a position." He likes "dxcm shop Airbnb and Boeing and snow."
Ben's setups, levels and trades
Ben said "this is a weekly chart and RSI is at a 74," but that "doesn't mean it's going to stop." "I don't know why people for eight months or more have been saying we're going to retest or make new lows." "I'm content to just sit in the apples in the microsofts and just wait it out," and AMD is "one of my larger positions." "Kathy Wood sold 400 000 shares of Tesla today and bought" Meta with it. On crypto, "I think it's Bitcoin and ethereum season personally," and "Bitcoin ethereum are going to remain my biggest positions in the crypto space." Litecoin is "a stronger chart than Bitcoin," and TradeStation will soon support only Bitcoin, Ethereum and USD Coin. On energy, "they just refused to let this XLE die." On the IWM, "I set the alert I was going I said lower and I'll be John Brown if we didn't get 177.45." He "got long in... rivian": "I sold some puts and got long." It had "a massive little shake this morning down into like... 1361. and then close right back at 14." "I have an alert set for thirteen dollars." On Target, "RSI on a weekly... not too often does it break this 30. and right now it's at 29.51." On Asana, "this isn't going back to a hundred and forty dollars anytime soon but that doesn't mean it can't go back to forty dollars."
GP's setups, levels and trades
GP opened the year saying "the way Netflix goes is the way the market goes." "Every chart pattern on the planet was fully reset on that move down in 2022," so "you're seeing a lot of reflexive part of the rally." "You're also seeing the distinction between the good stocks and the bad stocks." Square and PayPal "are not getting accumulated," while Shopify management adapted because "we've walked away from a free Mark free money Society." "I doubt Square goes back to what was it 280 290," and "150 is going to be hard." "I've been closing some positions even though the charts look good because I have a lot of risk on," but "I'm still up nearly 100 on shop." Tesla was "the almost exact same setup" as Nvidia, "but more powerful because it only retrains to the 50 of the move." The "August 2 30 August calls" were "two dollars and eighty cents" and are "right now sitting at 36 dollars." Apple "closed one penny higher than its all-time high weekly close."
On Boeing, "it's the great rotation," and "Boeing always makes me nervous with their stupid news." He had July calls when "it tagged 200 and it shook me out." "I was in meta got out of meta today," and he likes Home Depot: "I'm looking at rotational names... because I think Tech is going to be more of a grind." On Salesforce, "if you're looking at August clothes this they're pretty cheap." Nvidia "is sitting on a three-week tight can slim," and "off of 420 you're probably looking at a move to 460." On Vroom, "the market cap for this stock was 110 million when I bought it," and "the director went and bought 500 000 shares at 76 cents." Altcoin season comes when "equities start consolidating." On the XLE, "I personally think it's flow." "I like eem right now," and he "started position on that on Friday." Amazon is one to own rather than trade: "I just own it." Small caps: "what does not break down yes breaks out." On Roblox, "I like this for the long term so if it goes lower accumulate." "If this is a rotational bull market," then "Apple may only go up five percent where FedEx may go up 25." He likes Intel and Netflix, which is "just starting the move not ending the move." On gold, "it's just too crowded."
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