Chapters
00:03 Intro: Three Straight Weeks of Selling
01:04 Nick: McClellan Oversold and QQQ 372
03:11 Nick: Money to Work on Friday
05:15 GP: An Organized Pullback
08:23 GP: The Fitch Downgrade
09:58 Ben: A Head and Shoulders for the Bears?
10:28 Nick: Watching the 30 and 40 Week
11:28 Jackson Hole and Nvidia Week
14:01 GP: The 10-Year Into a 20-Year Supply Zone
17:37 GP: The Seven Names Narrative
20:40 Nick: Long Tesla Versus the 30-Week
22:52 Nvidia Into Earnings
23:54 Nick: Strong Closes and a Follow-Through Day
25:27 GP: Nvidia's 13Fs
28:04 Ben: Counting Money on Puts
31:38 Nvidia's Implied Volatility
34:12 Don't Short the Strongest Stock
37:45 Nick: Vertex, Uber and CRS
38:46 Biotech and Moderna
40:19 GP: The XLE Head and Shoulders
41:51 Interactive Brokers
43:25 GP: Wynn's 50/200 Cross
45:29 GP: Rivian Like Tesla in April
47:34 Ben: Adding Rivian, SoFi and SentinelOne
50:40 GP: Coinbase LEAPS
52:50 Bitcoin
53:55 Ben: Cybersecurity
57:22 Ben: Zoom Earnings Calls
58:54 Retailers
59:56 PayPal and Square
1:06:11 Ben: A Quarterly Stock Challenge
1:09:17 Samsara
1:11:25 Wrap-Up
Market Hours #81 went out live on Monday evening, August 21, with Ben, Nick and GP, after three straight weeks of selling in the QQQs. Nick laid out his QQQ 372 line and what he bought on Friday's gap down. GP called the pullback organized rather than panicked and argued that the 10-year is pushing into a 20-year supply zone. The hosts previewed Nvidia's earnings and Jackson Hole, and Ben shared his adds in Rivian, SoFi and SentinelOne. Ben also proposed a quarterly stock-pick challenge.
Nick's setups, levels and trades
Nick said the McClellan Oscillator pushed as low as negative 350, and "we don't get these these types of oversold readings often." On the QQQs, "I really want to see price get over like 372. if the QQQs can't get over 372 then I think we're setting up for another leg lower." If they get through it, "I'm in kind of a camp that we're going back towards" the highs. On the SPY, the matching level is 444 to 445, "the 50 retracement off the highs." "I threw money to work on Friday I was happy to see that gap down," and "I did add to lrc X and Clack today." "We're oversold we're in an uptrend I think what we're seeing is completely healthy and completely normal." On the QQQs, "the 40 week is starting to curl up," and when the all-time-high breakout comes, "it's gonna be another just monster one." On Tesla, "I was largely getting long versus that 30 week moving average," buying on Friday and adding off the open, and he'd buy back against 200 if he got stopped out. He'd like to see weak opens and stronger closes this week, plus an O'Neil-style follow-through day with more volume than Friday's. He likes Vertex "working on a double bottom on The Daily," and how Uber is setting up. On payments, "I personally like Square more than much more than PayPal," because of Venmo's popularity and Square's small-business base.
Ben's setups, levels and trades
Ben said "it's at least... beautiful here in Georgia." On Nvidia, "Elon said it the best which was if they could build more he would buy them all." He saw people on FinTwit "counting their money on their puts before they even bought them," and then Nvidia had an eight-and-a-half percent day. "It's too hard to guess on the binary event for me on Nvidia." "I love my semiconductors." "I almost added to both both Microsoft and Apple but the three positions that I added to over last week's drawdown were rivian Sofi and Sentinel one." SentinelOne "decided to put itself up for sale today," for a 16% gain, and his Rivian order at 20.50 filled on Wednesday. On SoFi, "I couldn't resist Friday's below eight." "I've got such a large Sentinel one position now," and he's held Cloudflare for a long time. "Cyber security is only going to be more ubiquitous in our lives." He has his kids in cyber ETFs like BUG and CIBR. Once SentinelOne is gone, "I'm probably going to be crowdstrike or Z scaler." On Zoom, he "bought 72 dollar calls" into earnings after watching it for over a month. He sees PayPal "as having all of its moat grained by Apple and Microsoft and every other bank in the world." He proposed that each host pick one stock for the quarter, to be announced on the Labor Day show.
GP's setups, levels and trades
GP said the market needed rest, and "what a better time to rest than the month of August." Quick, reflexive pullbacks are "more beneficial to the Bulls than it is the Bears," and "it was designed to be to be a pullback not to be a sell-off." "I don't think I saw a single bit of panic through this." The Adam and Eve breakout retest "is usually pretty Swift and quick and that's exactly what we've got." On rates, the TNX is pushing into "a 20-year Supply zone," and "this is gonna end up being a weekly false breakout." The fed funds rate is already above the inflation rate. The mega caps that were supposedly carrying the market all came down, with Meta selling off "from 323 all the way to 275," yet the pullback was only about 7 to 8%. On Nvidia, "everyone bought Nvidia except except Kathy Wood." It's "only still 66 owned" by institutions, while "JP Morgan added 20 just last quarter Morgan Stanley added 22" and "Susquehanna added 307 percent."
The XLE is frustrating: "we still can't even take out June highs," and he sees "a mini Head and Shoulders setting up" inside the larger one. On Wynn, "it just got the the weekly 50 200 cross." He'd "take it over Friday's High" near 94.80, but he didn't see the flow come in yet. Rivian has "a very kind of similar look as Tesla did in April," back at a 50% retracement, and "you have potentially double coming from here." He holds Coinbase through at-the-money LEAPS two years out, "because I was like I don't want to deal with any of this" volatility. On Square, the monthly is a bearish engulfing bar, "there's no one buying this," and with cash paying 5 to 6%, investors won't allocate to names "willy-nilly." He holds Square shares from around 82, and he'll average down only when he sees accumulation. "Let the chart show you."
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