Chapters
00:00 Intro: Tweeting in the Age of X
02:04 Netflix, the Bull Market Leader
03:07 GP: One Candle Doesn't Make a Direction
05:10 GP: The Bottom Since June 2022
06:44 Ben: Scoring on Cheap Puts
07:19 Nick: Heading Toward 444
09:25 Nick: The Strongest Names Look Phenomenal
10:27 GP: The Monetary Regime Shift
14:02 GP: Roku, Palantir and Profitability
16:40 GP: Shopify's Three-Day Rule
18:43 GP: Charts Reflect Human Psychology
19:43 GP: Knowing Yourself
21:18 Nick: Find a Therapist Before a Service
22:51 Ben: Trading Emotionally
25:27 GP: Building a Verizon Position
29:31 Tesla
31:04 GP: Tesla's Second Wave
34:44 Nick: Tesla Isn't a Monthly Head and Shoulders
38:17 Apple Retests the Breakout
41:52 GP: The Leaders Put in Red Weeks
43:24 GP: Nvidia's Nine Weekly
44:56 GP: Meta and Rivian
45:57 Alibaba and the China Names
48:33 PayPal and Square
50:40 GP: Time Frame Alignment in BWXT
53:18 GP: Out of the Disney LEAPS
54:20 Silver, 3M and DigitalOcean
55:20 Nick: Unity
56:57 Paramount
57:28 GP: Lululemon
58:02 Nick: Goldman Sachs and Boeing
59:37 GP: Wayfair
1:01:40 Ben: Marvell, Broadcom and AMD
1:03:45 GP: XLE Still Needs 87
1:04:16 Wrap-Up: For Mama GP
Market Hours #79 went out live on Monday evening, August 7, with Ben, Nick and GP. They talked about Netflix holding up as a bull-market leader, the monetary regime shift that rewards profitable companies, and why knowing yourself matters in trading. They also covered Tesla's pullback to its 20-month moving average and Apple's breakout retest, then went through a long list of requested charts and their likes.
Nick's setups, levels and trades
Nick said "I didn't get the Monday open that I wanted," though "I did buy a little bit today." "I was definitely a seller for the most part last week," and on the SPY, "444 is kind of where I think the magnet's gonna be." The strongest names "look phenomenal," including Google, Lam Research and KLA, and "any name that is broken out within the last... couple weeks or so and holding up in the top third of... that breakout range." "If you're trading or investing is not going well I would argue that money would be much better spent going and finding a therapist a coach or a mentor." To buy fear, "requires you to really understand yourself." On Tesla, "anytime a stock the failed the breakout fails and comes back into the range your very first assumption should be it's going back to the low end of that range," and that's all Tesla did after failing above 280. On the China names, "they just haven't broken out yet," and he has alerts set on Baidu and Alibaba. He thinks GP may not have a low enough target on PayPal, which could head into the 30s if it takes out the low. He owns Unity, and his next buy is above 50. "Ba and Goldman were my two." On Goldman, "I love the kind of the high tide flag," and "I think it's heading back to 400," with a trigger at 361.42. On Boeing, "your next trigger is through that 243." For GP's Wayfair, he'd use the body of the earnings candle around 82.43 rather than the wick low.
Ben's setups, levels and trades
Ben said "I'm scoring on cheap puts off the start of the day that's how I've been playing it now for almost three weeks," and "I'm in and out in 20 minutes of work 45 minutes of work." "I'm not a zero Bear by Nature." When you're trading emotionally, "your emotions can enhance those poor behaviors," and "if I'm not in the right head space to make trades I just I'm not going to trade." "It was everything that I could do last week not to just go all in on" Tesla's gap down, and "I think Tesla still looks great here." He was "really really itchy trigger finger on it today." He called Marvell "the sexiest chart," and "I'll double down on my semiconductor bet." AMD "not as beautiful as a flag as Marvell but she's turning." "I own both of them from long ago," and he hasn't added to Marvell since the 20s but "I kind of want to add to it here."
GP's setups, levels and trades
GP said trading has helped him understand himself: "take the time to understand who you're looking at in the mirror." On Netflix, "it's been tight for a month and a half now," and when one of the market's highest flyers puts in a green week while everything else is rejecting, "maybe your thesis is still wrong." "One candle does not ever make a direction." On the QQQs, the daily sell volume looked like what "usually happens towards bottoms," so "this is not Behavior to me of of a topping pattern." "We went from free money for over a decade to risk-free money sitting in five five and a half percent treasuries," so "the profitable companies are getting rewarded and the unprofitable companies are getting short covered." "Charts lead hunches follow." He'd buy Shopify with a tight stop at 53.88, and it put in a higher low on the fourth day after earnings. He's been building a Verizon position for the dividend.
On Tesla, there's a "perfect kiss off the 20 monthly," and it's holding last year's island gap like it did in late April, when it went from 164 to 244. "The second second wave is always more powerful." Apple, Nvidia, Tesla and Microsoft all put in red weeks, "and yet we're barely... down," so "money is rotating into names that that will keep the market up." Until Nvidia closes below its nine weekly, "it's not a change of character." Meta finally filled its 323 gap, and Rivian "is starting to get tighter." There are still no buyers in PayPal. "You need all time frame alignment," and BWXT is the example, breaking through all-time highs from the nine on the weekly. He closed his Disney LEAPS today, since "I'm not taking Disney LEAPS into a binary event." Lululemon "is riding that Weekly nine," and on Wayfair, "that EPS candle is the one to pay attention to." On energy, "give me an 87 plus 87 close you know on the weekly and we'll talk about it."
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