Video summary
Palantir stock has demonstrated remarkable strength recently, closing at $179 and posting another 5% gain to reach nearly $180 in an uptrend that lasted all day. This impressive performance marks a recovery of over 70% from recent lows, with the majority of this surge occurring within just ten days following earnings reports where shares were trading around $125. The stock has successfully broken out after months of consolidation and downward movement since January, now trading above key moving averages on both three-year and one-year charts. While some might argue the stock is technically overbought given its rapid ascent, the analyst remains bullish because Michael Bur's recent strategy of buying put options appears increasingly ineffective as Palantir continues to defy expectations and climb toward new highs near $200.
The speaker expresses significant regret over missing an opportunity last Friday to buy call options on Palantir before earnings, noting that such a trade could have yielded seven times the return compared to simply holding shares purchased at an average cost of twenty dollars per share. Despite this missed chance for leveraged gains, the investor emphasizes their long-term commitment to the stock and refuses to complain about current profits given how far it has risen from its low entry point. The narrative surrounding Michael Bur's frequent predictions against Palantir is growing tiresome for the speaker, who points out that while Bur correctly predicted a move in 2018, he has been wrong numerous times since then regarding his bearish bets on this specific stock. As Palantir approaches levels seen back in December and potentially targets $190 or even $200 soon, any significant pullback to the low hundreds would require a massive market correction that does not seem imminent given current conditions.
Beyond individual stocks like Palantir, the broader market environment is described as exceptionally healthy with major indices hitting all-time highs just two weeks ago and continuing their upward trajectory through strong earnings season data. The Russell 2000 led gains today while the S&P 500 climbed three-quarters of a percent to approach its own record levels near 7,800 points, leaving only about 200 points or roughly 5% remaining before reaching an ambitious target of 8,000 set by analysts like JPMorgan. With approximately 95% of S&P companies having reported positive earnings and providing solid guidance, the market is digesting this wave of optimism which could easily propel the index higher over the next few weeks without needing a major catalyst beyond what has already been achieved recently.
Looking ahead, if Palantir manages to break decisively above $180 on Monday's trading session as suggested by recent chart patterns showing support holding near that level, it could trigger another leg up toward its previous highs from December and potentially test the psychological barrier of $200 again. The speaker suggests that while a blow-off top rally might eventually lead to overbought conditions where buying puts around strikes like 180 for pullback plays could be viable later on, there is currently no need to worry about such strategies as long-term fundamentals remain robust. Even if the stock does experience some volatility or minor corrections in the future, a drop all the way down to levels that would invalidate Michael Bur's current positions seems unlikely unless overall market sentiment turns ugly and causes widespread declines across major indices like the Dow Jones Industrial Average which recently turned green after earlier red sessions today.
Read the full video transcript
So, you guys think that uh Michael Bur's
feeling it yet? I mean, Palunteer had
another 5% green day today.
Unbelievable. This stock just keeps on
going. And I think we actually hit over
$180 today. Uh no, we almost did. We hit
1790 and this thing uptrended all day.
Talk about strength uh from the bulls.
And uh yeah, Michael Bur pretty much
just doubled down I think a couple days
ago on his Palunteer puts, which you
guys know he um he covered or he uh
locked in gains at 107 I believe when
the stock got destroyed. And now he just
again doubled up, got more puts with
strikes in the uh low mid hundreds. And
this thing just keeps on working against
him on the, you know, on the second half
of his trade, I guess, because he did
make money as it went down to 107. Uh,
but now it's up 80% 70% off those lows.
So, let's do a quick update on
Palunteer, the entire market, where my
head's at, and a couple stocks I'm
watching other than Palunteer. So, guys,
hit the like button, feel free to
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comments, you guys uh, will find it. So,
Palunteer, man, closed at $179.
And like I said, we're up 70% off the
lows. And really, a lot of that's come
in the last 10 days alone. I mean,
unbelievable. The stock was at $125
before earnings. And it went up it it's
up 45% from that point. And you guys
remember I was about to buy freaking
calls on Palunteer um an earnings play
and I didn't do it. I was about to buy
these uh 130 calls. I would have made so
much freaking money, but it's all good.
I still own stock, but you you guys
obviously know options are a leveraged
way to make money in the market. I think
I would have made like 7x on if I bought
the the calls that expired last Friday,
whatever. Should have, would have, could
have, right, guys? Who gives a crap?
There's always another trade. But man,
this one I am kicking myself over a
little bit. But then again, I can't get
greedy because I'm in this stock from 20
bucks a share, guys. I bought Palunteer
at 20 freaking dollars a share. That's
my average cost. And uh how much can I
complain? And on the three-year chart,
you guys can see here it's actually
starting to break out again after months
all year consolidation,
trading sideways, moving downwards even
a little bit. this stock from August um
or not August, January, we're in August
now. From January pretty much now,
earlier in August, we were flat. Now,
we're starting to take out the highs
from this year, right? We're above this
50 SMA on the three-year chart. On the
one-year chart, we're back over both
moving averages. So, Palunteer, man,
technically speaking, yeah, it you could
argue it's overbought, but I just don't
see a world where Bur is gonna make
money on his puts. And honestly, I'm
kind of tired of Bur. I don't even know
why I keep talking about him. I don't
keep talking about him. I mean, we make
videos here and there on them, but I
mention them here and there in these uh
Palunteer updates and some of the AI
stock updates, but you know, he he did
nail the '08 call, but how many times
has he been wrong since that? Many
times. Many times. And I think honestly
this might be another time uh where he's
wrong. And I don't know when his puts
expire. I forget. Were they in um at
some point next year, I believe. I
forget the exact month. Uh was it in
March? Let me know in the comments,
guys, if I'm wrong about that. Uh I got
I got to double check that. But either
way, I just don't see Palunteer uh
roundtpping this move or or you know,
going all the way back down to 120, 130,
40. Maybe it goes down to 150, 60 on a
pullback. Yeah, I mean that that's
possible. But all the way down to the
low hundreds where he has some uh some
puts, some some of the strikes are down
there. I just don't see it. Palanteer
has to fall what, 40% to get back down
to that point. I mean, if that happens,
we're probably in a rough market and
things uh things might be looking ugly.
But then again, we were down there and
the market was at all-time highs just
about two weeks ago. But with that
earnings report that we got, I just
don't see it going down. And with the
guidance we got, with the phenomenal
record numbers across the board, I just
think we're going to hold these gains,
hold a lot of these gains, especially
considering we've been flat all year.
We've been uh, you know, slowly going
down all year, quite frankly. What do
you guys think about that? Let me know
in the comments. Uh, but yeah, another
another day here. And if man, if
Palunteer takes out this high, let me
show you this on the 5day. We're barely
taking out the highs from a couple days
ago. I think on Monday, yeah, on Monday
we hit about 179. We hit 178. Tuesday,
Wednesday, we had a little bit of
weakness, but all week, notice how we've
been holding um you know, 170. And we're
now testing this big support resistance
from the last couple of days. If we're
able to take out 180 on PLTR, I think
this is going for another leg up. And
that's where Bur's going to get
absolutely freaking smoked. If this
thing sees another uh blowoff top rally
towards 200, 190. I mean, that's where
we could be going. You know, that's
where the stock was uh just back in
December, not too long ago. you know,
right around when my when my son was
born, we were hitting $200, right? So,
we're getting there. We're getting
there, you know, and uh that's not that
long ago. It's actually gone by very
fast. So, [laughter] so this stock
probably could see another leg up, but
if it does get that, it it's going to be
a bit overbought. And at that point,
hey, maybe it might be time to get some
puts. not in the low hundreds, but you
know, maybe like 180 puts, play the
pullback and uh make some money that
way. But overall, that is a quick little
rundown on Palunteer. Quick update as
the entire the entire market did well
today, guys. VIX went up a little bit.
Uh which I'm still considering buying
calls on the VIX. No rush, though. We'll
see how it plays out. The Russell had a
quarter% green day. S&P 3/4 of a percent
green day hitting all-time highs. The
Q's hit uh let's see we hit 732 up
around 1 and a4% on the day completely
breaking out. Uh the Dow was red
earlier. We actually turned green very
bullish.1%
2% in the green as the Russell had a
quarter% green day. Very good day for
the market guys. Not a crazy day uh but
good day. Good day. And sometimes good
days are healthy, you know, solid. And
we hit all-time highs on the Russell, on
the S&P, the Dow did a couple days ago.
The Q's are on their way. What more
could you ask for, guys? What more could
you ask for? This is a this is a great
market. And as earning season is
wrapping up, right, most most companies
have reported earnings, like what 90%
95% of the S&P has reported earnings. We
saw JP Morgan jacked up the S&P target
for the year. I think for the next 12
months, uh, or whatever it was, it's at
8,000 now. Um, I've seen 8,300. I've
seen 8,200.
But now that earnings came out, earnings
were strong. Uh, guidance was good from
a lot of these companies. The market's
digesting that and we're starting to run
with it. And to be honest, I would not
be surprised if the market if the S&P
did go to $8,000.
um or 8,000 points rather this year.
That would not surprise me whatsoever as
S&P right now. Let me show you. Is at
7,800 and what what's another 200
points? Nothing. Nothing. We're talking
what 5% if that. Uh yeah, barely. I
mean, yeah, th this thing could easily
make that move in a couple weeks, maybe
a good week or two stretch. We could we
could make another 200 points on the
S&P. Um, totally possible. So, what do
you guys think? Let me know in the
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