Chapters
00:00 Pre-Show: Bitcoin Breaks Down
00:30 Intro: The Technicals Look Bad
04:08 GP: Hedged Into Opex
05:10 Nick: Leaders and Relative Strength
06:18 Nick: Tesla Could Fall to 700
07:21 GP: Tesla's Consolidation and Apple's Strength
09:54 Valuations and Market Caps
14:04 Ben: Bitcoin as the Predictor
15:38 Nick: The Head and Shoulders Measured Move
18:43 GP: A Correction, Not a Bear Market
20:16 GP: An Inside Month
23:26 GP: Sellers Sell Through Support
25:27 Sentiment and Capitulation
28:33 Inflation and Used Cars
31:07 MELI's Chart
32:40 GP: Roku's 23% Drop
34:14 Roku, Cable and Bundling
38:56 GP: Netflix Holds 386
42:31 Nick: Roku's ABCD Leg to 70
45:05 Nick: Gold Miners and the Cup and Handle
47:13 GP: Gold at the Standard Deviation Extremes
49:21 Nick: Gold's Big Year
50:52 Broncos vs Tulips
52:27 Rachel Joins: Viewer Picks
55:02 Tilray and Cannabis
1:01:41 XBI Since 2015
1:02:45 Bottoms and Fresh Lows
1:07:57 The Nasdaq Composite's Lower Highs
1:09:28 Ben: Crypto Leads Up and Down
1:13:02 ADT
1:15:06 High-Volume Pivots
1:16:40 GP: Square's Corrective Pattern
1:21:53 Viewer Questions
1:23:57 Wrap-Up
Market Hours #8 went out live on Sunday, February 20, with Ben, Nick and GP; Rachel from FinTwit joined late for viewer picks. Ben said the technicals look bad and Bitcoin, his market predictor, sits below his 40,500 line. GP called this a correction, not a bear market, with the index in an inside month that needs to break its prior pivot. Nick sees Tesla falling to 700 if it loses 800 and thinks gold is in for a big year. The three also covered opex hedging, Apple, head and shoulders targets, Netflix, Roku, gold miners, the XBI, Tilray, the Nasdaq and Square.
Nick's setups, levels and trades
Nick said if "tesla takes out that 800," then "looking at a weekly chart i mean that thing could fall to 700 easy." "The measured move on a head and shoulders pattern is the neckline to the top of the head," and "when these measured move hits typically price will either pause or reverse at those points." On Roku, the next ABCD leg down "would be right where you're talking about it's 70." In gold, "you have like this kind of big old cup handle pattern," and "i think gold's in for a big year." If it's a cup and handle, "that would put gld at 300 bucks."
Ben's setups, levels and trades
Ben said "the charts on the technical aspects a lot of things just look like doo doo." His "future predictor," Bitcoin and crypto, is "showing us weakening," with "bitcoins surfing around the 38 000 level and that's no bueno." "The line of demarcation for me is like 40 500 but we never we never came back up to that weekly 21 ema." "I still believe that we have crypto leading the market to a large sense it's the biggest risk on market to me."
GP's setups, levels and trades
GP said "calls have not been really closing in the money," and "people were so hedged on up next week." On Tesla, "it went from 900 to 1300 and like 10 straight trading days completely breaking my thesis and i was having to say uncle and now we're getting the consolidation." "Apple's still the strongest in in this bucket of stocks." "It is a correction it's not a bear market." The index is "an inside month," and "we have to break the prior pivot low for it to become a follow-through." When a seller wants out, "it doesn't matter what old support was," and "sellers are going to sell." On Roku, "i did not think roku would drop" that much, "so it's probably one that i'll stop out on tuesday if if it gets really bad." Netflix "held that 386 level like a champ," with "a ceo who in my in my camp is one of the best ceos out there," and "i was actually looking at june calls." Gold "is hitting the the nosebleed sections the standard deviation moves." Square's drop came "after a massive move from nine bucks to 100," and "it's the normal corrective pattern after a big big move."
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