Chapters
00:00 Nvidia: Loves to Hate or Hates to Love?
01:02 Intro
01:32 Nick: Expecting a Bounce Into 400
02:02 GP: Nvidia Into Earnings
04:07 GP: Nvidia's Bullish Engulfing
05:40 GP: Retesting the Breakout
07:11 GP: Escalator Up, Elevator Down
08:13 Opex and the Economic Calendar
09:46 GP: More Than a 50% Retrace in One Day
11:17 GP: Roku's Breakout Retest
14:24 Ben: Retired at 46
16:32 Ben: Tesla Looks Explosive
18:38 Nick: Dollar-Cost Averaging Down to 200
19:38 GP: Tesla Before the Cybertruck
22:52 GP: Netflix's Thin Float
24:55 Nick: Netflix in a Range
26:26 Michael Burry's Puts
28:30 Nick: Fear-Mongering and No TV
31:36 Bears Get the Engagement
33:10 Ben: IWM Calls
34:14 Nick: IWM's 0.382 Retracement
35:16 Energy and Biotech
36:52 GP: XBI Is No Trade
40:31 GP: Oil Leading the XLE
41:34 U.S. Steel's Suitors
43:36 Boeing, FedEx and the Truckers
46:46 GP: Coinbase LEAPS and Flow
48:49 Ben: A Penny Off the Low
50:51 Bitcoin
51:54 Nick: Not a Bitcoin Fan
53:26 GP: Why Bitcoin Looks Good
57:33 Nick: Illumina, Monster and UNH
58:37 Nick: Semis Look Great
59:09 GP: SMH Back in the Zone
1:01:15 Palantir
1:02:46 Ben: Target Into Earnings
1:05:52 GP: FICO and Roku
1:07:56 Ben: Tesla, Zoom, Marvell and AMD
1:08:58 GP: Wynn's 50/200 Week Cross
1:09:30 Wrap-Up
Market Hours #80 went out live on Monday evening, August 14, with Ben, Nick and GP. Ben announced that he retired at 46 to focus on trading. Nvidia reversed with a two-day bullish engulfing eight days before earnings, and GP called the QQQ pullback a breakout retest rather than a trend break. The hosts covered Tesla, Netflix's thin float, Michael Burry's puts, the IWM, Coinbase and Bitcoin, and finished with what each of them likes.
Nick's setups, levels and trades
Nick said "I definitely expected some sort of balance coming into 400" on Nvidia, but "I would have rather seen weakness on Monday." On Tesla, "I'd be a dollar cost averaging down to 200," since the 200-day "needs time to kind of move sideways." On Netflix, if it took out 410, "it would be a really like almost too pretty of a setup" with a measured move to the 200-day. "I think it's just in a Range," and "I don't have a trade on currently with Netflix." On Michael Burry's puts, "it is fear-mongering that's all it is especially when you start talking notional values." He and his kids have gone almost five years without a TV, and he filters out accounts that just repost news. On the IWM, "the 0.38 retracement off the lows was basically 187.55," and "we basically held a 50-day." He isn't a Bitcoin fan. The monthly has an MACD cross, but the move off the lows has come on weak volume, and he thinks "it's setting up for a move down to 10K." He doesn't like Illumina, except on the short side. He likes Monster, UNH's range around 500 to 515, and "all of the semiconductors." ON "put in a little sneaky engulfur there today right right off the 50-day," and AMD looked good. On Palantir, "I still like it I don't like that it's under the 50 day."
Ben's setups, levels and trades
Ben shared his news: "I'm retired at the ripe old age of 46 last week I'll call it semi-retirement now I'm going to concentrate on on trading." He thanked his Charts for Charity group, Nick, GP and StockTwits. "It was the easiest hard easy decision I've made." On Tesla, "tell me where I'm wrong that this setup is starting to look explosive." On the IWM, "I dropped in some calls today," because "the way the banks were treated which is a huge component of the Russell I just I just feel like this setup has a lot of gas in the tank." He's salty that he skipped the 178 alert Nick suggested. On Coinbase, "instead of loading leaps I loaded Commons in the 50s," and he has lightened up on the way up. He likes it "here in the low 80s for sure," but he's waiting on Bitcoin. His opening QQQ trade came "one penny off the low" of Friday's first five-minute candle: "it doesn't get much cleaner than that." On Palantir, "not breaking the 20 weekly yet that gives me some... optimism." He almost took a position in Target, which "has started to complete its transformation of its stores," and "if there's a retailer that's going to surprise I think it's this one." If it sells off, the quarterly 50 SMA near 99, which has held since 2009, is where he'd get long. His picks for the week are Tesla, "three weeks in a row," along with Zoom into earnings, Marvell and AMD.
GP's setups, levels and trades
GP said "everyone wants to be predictive about calling Nvidia's demise." On Nvidia, "I was long into Friday" and took about 30%, "holding the rest for follow through," and "Nvidia most likely takes out all-time highs before earnings." It's "a notorious stop for breaking and stopping everyone out," and it put in "a bullish engulfing of two days... on higher volume," like October 13, 2022. On the QQQs, "we're retesting the Breakout," and "this isn't a clutch your pearls time yet." A true trend break is "Panic... it's not organized selling," or "escalator up elevator down." In January, the market pulled back for five or six weeks into the 13 SMA before the next leg. In one day, "we retraced more than 50 of last week's move," from 375.29 to 364.69, and "once we break 360... then get tactically short." Roku broke out on earnings, retested on very little volume and is holding its earnings opening bar, which opened at 74.86 and closed at 78. On Tesla, "when it trades it trades in the Momo direction," and "this to me seems like the the draw down right before the Cyber truck push out happens." "Short-term trading Tesla options will will smoke you."
Netflix's "float is miserable," at two to five million shares a day, and "every time Netflix gets to like 440... the call sellers come out." It has gone sideways since its 2018 high of 423.89, so "whatever move that comes out of this I think is going to be pretty powerful." He's still long "a bunch of shares from the... low 200s." The XBI is "in no trade right because it's literally got no Direction," and the XLE still hasn't taken out its 94 area. On U.S. Steel, "I think this is potentially exit volume." On Coinbase, "I kind of loaded the boat when it was in the 50s and 60s with leaps for 2024 and 2025." He also put on a short-term trade, since it pulled into the 50 SMA on low volume, with a big call purchase in the 89s for next week. Bitcoin has spent six months in the 28,000-to-30,000 range with a monthly MACD cross, and "I wouldn't be surprised with a quick whip down and then boom start to start to move higher." "The reason it can't be a cup and handle is because cup and handles are part of a larger uptrend." The SMH came back into its 142-to-145 zone "and then we reversed higher," though "the volume today wasn't what I wanted to see." He wouldn't trade Target into earnings. He likes FICO and Roku, though Roku is still unprofitable. On Wynn, the 50-week is about to cross the 200-week, and a move down to the 94 area could set up "a potential Ripper."
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