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we've had a major run-up this year in stocks it's undeniable the Market's been on an absolute tear starting in January but it really took off in March that's when things went to the next level higher but today when you look at the heat map of the S P 500 you see that there's some big changes the Magnificent Seven are no longer leading the way they're in a pullback and we see that there's been basically a rotation over to health care and into some other sectors some more defensive names so does that mean that the big Tech run is over there's no upside potential left in any of these plays no it just means that when you begin to see rotation like we're seeing today it's a very strong indicator that the momentum and the focus on big Tech is coming to an end I gave that warning in Tesla the day before earnings and the day of earnings I was telling you guys that the momentum to the upside was slowing and so the likelihood that we were going to push through 300 and hit 320 and 3 340 was seeming more and more unrealistic and I think if you look at this heat map from today on the S P 500 you clearly see that we're losing momentum in the big Tech names it doesn't mean that the run is over doesn't mean that all of these have gotten as high as they'll get but it's an indicator telling us that we are soon going to be at the place where we've hit and booked the top on all of them I actually don't think that's today so I'm going to go over some of them with you and I'm going to give you guys those key levels of support and where I'm going to be incentified to put my hard money back at risk and to get back into these all right if we go back to that heat map for just a moment I want to point out one of the stocks that's been on the move today and that's Johnson and Johnson ticker jnj AKA a boomer stock this is not one of the cool and sexy Innovative stocks that's changing the world personally I think Johnson and Johnson is part of the trouble that the world has with some of these big Pharma companies and these companies that influence products sometimes to the negative but there's something very valuable I'm going to point out to you guys in this move up of Johnson and Johnson and this rotation out of big Tech into companies like this The Surge up on Johnson and Johnson was on some positive news basically they had some great forward guidance by their CEO I'm going to quickly give you guys the support and the resistance that I see in this stock but I'm also going to talk to you guys about the significance of this stock popping today I see support at 165.40 and up above it seems inevitable to me that it should at least hit 174 dollars before this move up cools off and with this rotation into Healthcare I'm going to give you my favorite Boomer stock pick I'm going to let you guys know which one that is in this video and I'm gonna tell you guys where my Buy price and my target is going to be and why I like it but that's coming up after my Tesla coverage and after I've touched on a few other stocks this is the stocks with Josh show thank you guys for tuning in today thank you for hitting the like thanks for all the new Subs subscribers that join the page and I appreciate all the comments I get I don't have a chance to get back to everybody but I do try if you don't have a question just throw a heart and say hi in the comment section for me all right we've got a Monumental week coming up in the markets next week Tuesday we've got Microsoft and Google reporting earnings now you know that I favor Google and I'll definitely be covering it more between now and then and then next Wednesday we've got the fomc decision I think it's pretty predictable at this point people are expecting a rate hike but it's going to be the conversations and the dialogue that occur afterwards that's going to move the market one way or the other I'm personally hoping that the economy remains strong and that we can continue in this bull run and that the FED comes out and he's a moderately hawkish they would signal to me that he believes the economy is going to remain strong and some of our favorite stocks can continue to improve their profit margins and the stock valuations can continue to climb we also have on Wednesday meta's earnings that's one to watch I'll be covering that as well Thursday we've got Amazon and you guys know that I've favor the Amazon I'm in an Amazon play right now and I'm hoping that we break up above 140 dollars then you've got the following Thursday so not next Thursday but the following Thursday that would be August 3rd we've got Apple's earnings and that's going to be a huge one as I say on this show Apple stock is more than just a company more than just a stock it's an indicator to me and if we see the stock surge higher it means it's going to make room for some other stocks to continue to go up if we see a massive sell-off or some form of a disappoint move then we're going to know that we're going to move sideways and the Market's going to go into correction and we're going to go into contraction for a while so Apple in about two weeks 10 days is going to be a massive Market mover we'll have to keep our eyes on it I'm also going to cover a little bit of Apple today I wanted to refine my price entry for you guys give you an update on what I'm going to be doing with my Apple trade coming up I'm not in apple right now I'm looking to get in for a beautiful pop I'm hoping to get some call options and I'm personally aiming for a 200 percent profit markup on that play I'm gonna refine my technicals for you guys today and I'm gonna show you exactly where I'm hoping my entry price will be so where do I get my news and how do I keep track of upcoming events well you guys know I do it with the MooMoo Investment app I use MooMoo especially during earnings Seasons right now I use their stock screener I love their eight different conditional order types if you don't have MooMoo and you're new to MooMoo and you want to add a new trade account they're offering to give away a ton of free stocks you can y're giving away a cash bonus and up to 16 stock once you download the app and you start investing and you get your free stock you can go over to your app if you look at the top right you'll see a bubble with three dots in it you select that and you get a little search icon you search stock Josh fam and then you can join the conversation that we've got over there all right let's get into Tesla before we do we're gonna have a little class I'm gonna teach you guys a new stock market term you may not have heard before it's a little bit unusual this is called Perma pamper Bulls you might ask Josh what is a Perma pamper bull that is a permanent bold Trader who does not believe that any stock will ever come down but we've simply added the Pamper term to them so the Perma pamperable because they tend to be big crybabies when their stocks do finally come down now I'm not going to make fun of anybody that stayed in Tesla Tesla's a great company it's a long-term hold I've got some in my retirement account so I am bullish on Tesla but as I had warned two days leading into earnings the charts were telling us that things were absolutely slowing down and the likelihood that we were going to shoot above 300 was really decreasing so it was wise especially if you're in a leveraged trade or an option trade to take profits when we peaked up so we don't want to be a Perma pamper bull I think the pullback on Tesla was a much needed reality check for all of us investing right now in this environment and an awareness that stocks have obviously gone up quite a bit but we are not going to get scared we're just going to get prepared by looking at the charts and so I'm going to give you guys the technicals that I see we're going to keep it nice and simple and we're going to trade the range so Tesla dropped about 10 percent it dropped 28 dollars in the last 24 hours it did it on earnings the big problem as I saw it was that the profit margin came in at 18.2 some people will tell you that that was good enough I don't think the market thought it was I think if they had come in at 19 and even a little bit higher 20 percent obviously would have knocked the ball out of the park but 18.2 percent was just too low but then the really big problem was that Elon suggested that there could be new price Cuts moving forward if demand slowed he basically said that he's going to be watching it and he's not committing to the market to maintain profit margins his commitment is to growth and to grinding out and pushing out vehicles four big bucks and that's what he's telling us that's what he's gonna do the market doesn't like that because that's a threat to profit margin and that erodes profit Share value simple 101 Wall Street the uptrend that we were enjoying was unsustainable it clearly was in the overbought territory and today we saw a low price of 269.46 when I looked at it last and a high price of 280.93 so here's what I want you guys to be aware of with Tesla right now a typical pullback for Tesla has been around 15 percent that's been achieved 25 percent of the time and so the pullback that we're seeing is not at all unusual that's a positive way of looking at it the trade volume today was up 32 percent and if you recall I've been telling you guys that the trade volume was going down when the price went up and so you also need to understand that if the trade volume goes up when the price is going down that means there's more momentum to the downside but even more importantly more momentum to the downside coming that's what that means we would want to see the selling volume go down if the stock was going down for us to believe that there was going to be a quick reversal right now the volume today tells us that there is more downside potential in Tesla I'm going to tell you what that downside is so I see support at 260 dollars now that if we got down to 260 that would be an additional 4.5 percent drop which would give us that 15 pullback which is typical for Tesla now resistance above is at 290 now resistance above is at 290 dollars that would be a seven percent jump from its current price when I last looked at the charts and that's going to be our trade range for a little bit that would be 260 to the downside and 290 to the upside the way that I'm going to play that is I'm going to get in at 260 with a tight stop loss at 259 dollars because if we close beneath 259 then I believe that we are heading to our next level of support which I've shared with you guys in the past is 245 dollars and so if we get a close beneath 259 I'm happy to get out and let it come down some more personally I think it's probably going to bounce at 260.
that's the way I'm playing it but you do you this is not a suggestion for what you should buy sell or hold this is what I'm doing with my money it's for educational and entertainment purposes all right Apple stock this is this is one that I'm kind of getting excited about we had a nice payday when it ran up the other day and I'm looking for a repeat now this is the number two stocks that institutions have been buying options for some of those options could be to be buying protection to the downside as we move towards earnings some could be the belief that we're going to be popping up higher and it's time to increase their position there were 47 000 options traded on Apple today I gave support the other day at 188 dollars and I think that it was too conservative so I'm looking now more closely at the range of 191 dollars I'm going to begin to phase into my position from 191 and if it goes down to 188 I would still be buying but largely I am concerned that if I didn't get in at 191 I would not be able to get a position at all because it might not come down much lower but we've got to wait and see this is my game plan that I'm watching all right 194 is the clear resistance but here's the target I want you guys to keep your eye on it's when we get a close above 196 and 40 cents because that's the bigger resistance but if we can get above it and we can close often it'll back test it for a little bounce but if we can get above it and close at 196.40 then we can get our push much much higher above 200 I also want to point out that on the Apple chart we really haven't lost any momentum we had a little Spike up testing the top of the range today we've got an increase in trade volume so even though it's moving a little bit up a little bit down the volume overall is still increasing showing that there's still strong momentum in Apple stock okay my big Boomer stock pick of the day it's not a buy yet and here's what I want to point out to you guys why I'm interested in this is if you go back and you look at Johnson and Johnson and the stock I'm about to give you guys when they were previously down in the gutter and on their lows they traded opposite to the big tech companies that were up at their top in November and December of 2021 so in November and December of 2021 they were doing really really badly but when big Tech began to fall that's when they went on a long-term run up and I think the exact same thing is going to happen here soon I see them getting very close to their support down on their lows and I see the big Tech is very much up against resistance up at its top and so I'm wanting to keep an eye on this so that I can do what we talked about at the beginning of the video rotation into health care and more profitable stocks when the big Tech stock run cools off a lot of you guys are not going to know what to do with yourself when Tesla's not screaming forward you're gonna go what do we do Josh what do we do well we're going to rotate into Healthcare we're gonna get in at the bottom and we're gonna run it up for the next six months and make a ton of money with what I'm going to call the Boomer stocks the non-sexy non-industry changing non-tech non-ai stocks that's what we're going to be looking at to make money because this is about money guys I'm gonna call this the Boomer portfolio and one of my favorite picks besides Johnson and Johnson Johnson and Johnson would be included in the Boomer portfolio now these are not ready to run I think they're coming down still but they're getting ready to run and I'm going to give you guys uh the one that I that I'm most interested in and that's Bristol Myers Squibb ticker bmwide I'm gonna go more in depth on this at a later date but let me just talk to you guys about some of the basic technicals that tell me that it's getting bullish it's been dropping for a long time and the volume is decreasing and decreasing and decreasing which signals a coming reversal I see that there is a trend support at sixty dollars okay that's a trend support and then I see a historic support at fifty six dollars and so I would naturally be considering an entry position between 60 and 56 dollars depending on how patient I want to be and exactly what's going on at that moment if we hit 60 and I think that big Tech is still got a few more days to push up than I will be watching for it to come down to a minimum of 56 bucks but I'm probably going to enter Bristol Myers at 56 now interestingly their earnings is next week Thursday and so that may cause the stock to pop up a little bit not sure I really don't know what it'll do it could sell off but if it did sell off down to my 56 dollar level well I would be a buyer because I think the long-term move could potentially be higher I get asked a lot about long-term plays well there's a long-term play for you guys that I'll probably get into the shares and I'll probably hold for six months or even a year all right let me give you guys a final thought overview going into this next week I do see a pullback today through Monday possibly even as long as Tuesday we've got big earnings next week like I talked about as well those big Market data coming out popular stocks and the overall Market is still moving up right now that's what we need to know but let's get back to a reality check it's not moving up on valuations it's currently moving up on sentiment that's what's driving it higher it's enthusiasm it's the AI Dynamic that's continuing to pump these stocks and get us through these earnings as well as the fact that all the CEOs of these companies are going to try to do the very best they can to squeeze out some form of a bonus this year in 2023 when they think they have the opportunity they're going to put their best foot forward because as a lot of us believe that we do have a recession coming around the corner when exactly it's coming I don't know we have that inverted yield curve that's not going to end up being wrong I don't know how far along or how far away the recession is but these CEOs are going to squeeze every ounce of profit out of 2023 so they can make their big bonus maybe they'll have to hibernate for the next couple years while the markets are processing a downturn but it's not in 2023 this is going to be a bonus year for these guys and that's why there's going to be tons of AI pumping that's what's driving the stocks higher sentiment not valuation one of the other points I want to draw out for you guys today is that we are not in the AI bubble the AI bubble has not been formed nothing this is the beginning this is the birthplace of AI this is where the just the foundation for the AI bubbles being laid we are not in the AI bubble yet AI is absolutely just beginning I mentioned the other day in the live over on Keenan Grace's page that Apple was getting ready to announce that they have been secretly working on a very large AI deployment to rival Bard to rival open chat GPT then we're going to go into a round of seeing how AI can drive profit margins so there's going to be a ton of room for this so-called AI bubble to form it has not even been formed yet and I'll just leave with this final thought guys you've heard it said a million times the market can remain irrational longer than you can remain solvent so don't I get asked a ton and Josh is it time to load up on the vix and load up on the sqq now you do you those could vacillate for some profit but overall the Market's not giving me that signal yet so I don't believe that the upward trend has changed just yet and if there was a single stock that I was going to watch to be able to answer that question for myself you know it's going to be Apple stock and we don't have the final word or verdict in on Apple stock yet earnings is not this next Thursday it's the following Thursday after that and I think the markets will in some cases they'll go sideways we're gonna have winners and losers and I'm going to stay in a bullish sentiment for sure in that time frame guys thank you for joining me today thank you for hitting the like thanks for hitting that subscribe don't forget to hit that YouTube notification Bell to get announcements for my coming videos that I want you guys to miss them sometimes I get comments someone will say to me uh they'll reference a video I did weeks ago and they'll say Josh didn't you say this or that well listen a lot happens in these markets each and every day if you've not been watching each and every video You're Gonna Miss some of my call girls hope you guys can join me in the next one as always peace and blessings take care
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