Chapters
00:00 Intro
02:05 Ben: Day-Trading Puts
02:35 GP: Friday Didn't Confirm on Volume
04:37 Nick: Hoping for an Nvidia-Style Run
05:07 GP: Netflix Earnings and the Shake Before the Bake
09:43 Ben: Tesla's First 15 Minutes
10:17 Nick: Follow Your Rules
11:19 Ben: Tesla's Retest of the Downtrend Line
11:50 Ben: Coinbase in the 90s
14:28 Ben: Still in the IWM Camp
15:31 Small Caps and Broadcom
19:15 Ben: XLE's 87 Pivot
20:17 GP: Less Bearish on the XLE
23:56 GP: Services Over Producers
26:01 Roblox and Airbnb
28:37 Nick: Where to Buy Nvidia
31:11 GP: Nvidia's 439.90
36:58 GP: The XBI and Roblox
40:34 GP: Uber Went Profitable
41:05 Favorite Setups That Haven't Triggered
42:06 GP: Amazon and Google Dead Money
44:39 GP: Wayfair
45:39 Nick: MasterCard, Visa, JPMorgan and Square
46:45 GP: Banks Retesting a 13-Year Breakout
47:52 Ben: Target
48:55 Nick: Walmart's Three-Year Base
49:26 Ben: 3M Above 107
50:30 Robinhood and Extended Moving Averages
52:02 Nick: A Stock's Personality
55:39 GP: Personality Needs History
57:12 Enphase
58:43 Nick: Unity
1:02:22 Ben: Earnings Are Binary
1:02:52 GP: Boeing's 37 Inside Months
1:05:24 Moderna and China
1:06:27 GP: Costco and Consumer Health
1:08:31 Wrap-Up
Market Hours #77 went out live on Monday evening, July 24, with Ben, Nick and GP. After Netflix and Tesla sold off on earnings, GP called Monday's reversal "the shake before the bake," and Ben said he'd been doing well day-trading puts. The hosts debated the XLE's 87 pivot, where to buy Nvidia, Amazon and Google as dead money, and how to read a stock's moving-average personality. They finished with consumer names like Costco and Walmart that are near breakouts.
Nick's setups, levels and trades
Nick said he had wanted "to see you know Tesla and Netflix kind of rip out of there almost kind of in Nvidia fashion." On Tesla, "if your rules weren't in selling out part of your position based on like whether it's the 10 day or 20-day... you gotta kind of Follow that." "I got stopped out of probably... a good third of my my Tesla on a break of the 20 day," and he had every intention of buying it back on a 50-day test. On the IWM, "you still got to clear this range above 200," but "I could see getting back up here to around that 230 area." On Nvidia, "I think you put on a starter versus the 440 20 days right there and I think ultimately you're looking at trading versus 400." "I'd probably get nervous if the 50 day got tooken out," and he'd hold "versus The Gap the Gap low as like my ultimate Line in the Sand."
His favorite untriggered setups include MasterCard and Visa, "in the pocket here where you kind of see these kind of like small little candles like right along like the rising 20 days." "I also like JP Morgan a lot," and "square is becoming like my favorite setup." "I love Walmart," with "that monster freaking three-year base it's got going on the monthly." "A lot of these stocks personality kind of take to some of these moving averages," and if a stock that respects the 20-day breaks it, "it may just be a warning shot but it's also kind of a character change." On Apple, "it's literally ridden the 20 day up." He owns Unity, and "if I could get something in the 42s I'd be really happy with that," though he wouldn't want it to lose the 20-day at 43. "Costco breaks 570 and it's broken the pivot it's going all-time highs."
Ben's setups, levels and trades
Ben said "I've actually done really good trading puts the last three sessions," with day trades that have been "20 25 bangers." On Tesla, the 15-minute range "never retested the low off the first 15 minutes it retested the high and it was gone." He's "not been in Tesla for a minute," but "this looks like a pretty good retest right here to the downtrend line" on the weekly, with room to run "up to 313-ish." "It would be really attractive to me to at least throw a starter on." On Coinbase, "it fell into like 95 today," and "I think this is still a good level," though he didn't add any longs. "I think today's dip was the dip to buy," and "I'm still in the iwm camp." "87's the pivot above 87 favors the Bulls below 87 favors the Bears" on the XLE. He likes Target but will wait for its earnings in three weeks. On 3M, "above like that 107 3ms got some turn up to it." "I feel like earnings reports are just reasons for people to sell stock."
GP's setups, levels and trades
GP said "in uptrends Fridays usually close strong and Mondays start week," and Friday's volume didn't confirm the selling. He expects chop "before we take out all-time" highs. Netflix grew subscribers by six million and is adding an ad tier, and both Netflix and Tesla "got sold into their respective eight and nine week moving" averages "literally to the penny." Tesla was "a direct hit to the weekly 8 SMA," so "this is your shake before the bake." On the XLE, the monthly is still in a bear MACD cross with negative RSI divergence. He's less bearish, "I'm happy to be wrong," but he wants a take-out of 94. "Services will outperform producers." Since he made that call around March, the OIH has gone from about 250–260 to 336 while the XLE went from 78 to 85.
On Nvidia, "anything under 439.90 is a concern," the June 20 high, so "you have seven bucks down or at a minimum thirty four dollars up." "It'll be pretty clear in my opinion when Nvidia breaks down." The XBI's monthly MACD bull cross is "happening in negative territory," and on Roblox, "they're weakening." "Ever since they've been profitable the trend has been to the upside" in Uber. Amazon and Google are "dead money," with Google at 120 for months, and his favorite untriggered setup is Wayfair. The banks were "retesting a 13-year Consolidated Breakout" when everyone said they were dead. A stock's personality needs 10 to 15 years of history. Tesla's 20-week just crossed over its 50-week, "which is inherently bullish." On Unity, "39.45 is my level that monster volume candle high." Boeing has spent 37 months inside the March 2020 bar, so it's "as dead money as you can imagine" until it gets back over 297.44. Costco and Walmart are near breakouts "while every macro conversation... is talking about the recession," and "these charts are telling you that the consumer is still pretty strong."
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