Chess Moves

Showing articles 21 - 40 (182 total)

01Apr3:41 pmEST

Chess Move Into the Bell

I sold the DWTI day-trade long here at $115.25 from earlier $112.38 entry. I will not swing short crude oil here overnight, but rather look to hop back in only if there is any downside traction tomorrow.  Overall, partial profits in GILD IBB NUGT made for good trading, as I sold my equity long JUNO X yesterday and locked in those wins.  See you...

01Apr2:38 pmEST

A Quick Southwest Flight Heading South; Chess Moves

I just went short LUV, Southwest Airlines, at $43.44 with a protective cover-stop above $45 on a closing basis.  LUV has enjoyed a magnificent multi-year uptrend, unaffected by its steepness. But as the daily chart, below, indicates, the stock has gone sideways since late-January. Ultimately, for my short to work the stock likely needs to lose...

01Apr1:47 pmEST

More Intraday Action; Chess Moves

I just sold another piece of my long NUGT here at $10.81 from earlier $10.31 entry, in order to scale some fast intraday gains since my purchase earlier. I am now down to 1/2 size of original position, still with a stop-loss below $9.70. I also went long DWTI at $112.38 with a stop below $105 for a likely day-trade , shorting crude oil...

01Apr12:44 pmEST

Battlefield Tactics; Chess Moves

I just sold 1/3 of my earlier NUGT long here at $10.69 from earlier $10.31 entry. I am just taking some quick, partial gains for the sake of discipline in a fast-moving instrument.  As for the overall trade setup, it is still very much intact.  Specifically, the GDX, ETF for the senior gold miners, below on the daily chart, shows a potential...

01Apr11:56 amEST

Back in the Gold Game; Chess Moves

I went long NUGT at $10.31 with a protective stop-loss below $9.70.  NUGT is the triple-long gold miner ETF.  As I mentioned in my last blog post, gold miners are impressive today, including the likes of ABX. There re many potential double-bottoms in the space, to the point where I am taking a shot at another tradable bounce, of which there...

01Apr10:41 amEST

Taking Partial Profits; Chess Moves

Into this morning weakness, I took partial profits in two of my bearish biotechnology positions.  I sold half of my BIS long at $36.05 from my $34.11 entry posted yesterday, trailing up a mental stop-loss to my entry price to protect gains.  I also covered half of my GILD short at $95.99 from my core $100.46 entry and 98.92 add, trailing...

31Mar3:29 pmEST

How Textbook is Too Textbook; Chess Moves

I went long BIS at $34.11 with a stop-loss below $32. BIS is the ultra-short ETF for the biotechnology sector. As we all know, shorting biotechs has been as tough as bet as it gets, with the resilience of the sector's bull run overpowering any apparent sign of an imminent correction.  Still, the action in the major biotechs like CELG and GILD...

31Mar2:45 pmEST

Winners Stay Winners; Chess Moves

With today's market sluggishness, I am still not too keen on pressing longs here.  As a result, I am focused on not letting winners turn into losers.  I had previously scaled profits at higher levels in my JUNO and X longs. But with this afternoon's weakness I am electing to sell out of the remainder of both positions to protect wins on the...

31Mar2:00 pmEST

Betting on the Credit Card Thesis; Chess Moves

I went short MasterCard, MA, at $87.02 with a protective cover-stop above $93 on a closing basis.  For a while now, I have been bearish on financials due to their underperformance and even the mighty credit card plays, despite how impressive their rallies have been on a multi-year basis. But with chinks in the armor seen in credit card plays...

31Mar12:23 pmEST

Adding to a Position; Chess Moves

I added to my GILD short position just now, at $98.92, after my core $100.46 entry early last week here .  On the updated daily chart, below, I am simply pressing for the 200-day moving average breakdown (yellow line), and the base breakdown (light blue line).  My cover-stop is still above $105.  Earnings are scheduled for April...

31Mar11:32 amEST

A Quick Drink from the Cup; Chess Moves

I just sold off 1/3 of my long JUNO position here, at $64.30 from the $60.42 entry I noted yesterday in this blog post .  I also moved my stop-loss up to my entry price in order to protect the winning position.  JUNO is clearing the cup-and-handle setup we have been discussing, but it is running hot in a sluggish tape.  So, taking some...

30Mar3:11 pmEST

Long Schillinger in Juno Terms; Chess Moves

I went long JUNO at $60.42 with a protective stop-loss below $56.  The hot biotech, which IPO'd late-last year, has been working through what can be deemed a bullish cup and handle formation, seen on the daily chart, below. I am betting that the key $62 level breakout will occur this week, highlighted in light blue, up and out of the "handle,"...

30Mar10:39 amEST

A Cleansing Ritual; Chess Moves

This morning's gap higher in the market into end of month and end of quarter is enough to compel me to defend some open winning positions as well as cut away some of the laggards in my portfolio.  First and foremost, the long coffee or JO ETN trade did not pan out immediately as I expected, and with JO sitting under $24, my stop-loss area, I...

27Mar2:55 pmEST

Not Assuming Anything; Chess Moves

I went long ERY at $20.97 with a protective stop-loss below $20, playing for the energy sector bear market to resume via this triple-bear ETF.  Many traders and value seekers seem to be assuming that crude and energy stocks have bottomed. As I have stated before, a long, sloppy, sideways range for crude and the XLE (energy sector ETF from which...

26Mar3:51 pmEST

Adding Back to Volatility Into the Bell; Chess Moves

As a way to express the idea that the VIX likely goes to 20 soon, I added back to my UVXY long here at $15.83 from my $15.53 entry after previously scaling gains. I am playing for another volatility spike. The position is now back to full size. As I have stated before, UVXY is not for the faint of heart, being a levered long volatility ETF. So,...

26Mar10:47 amEST

Scale and Trail a Tough Trade; Chess Move

I just sold off another piece of my UVXY long at $16.25 from my posted $15.53 entry yesterday. After taking day-trade partial profits into the bell yesterday, I now am down to 1/3 the size of my original position now, and raised my stop-loss to my entry price to prevent a winner turning into a loser.  Going long volatility is always a...

25Mar3:26 pmEST

Final Hour Chess Moves

Here are two quick final hour trades to post. I sold a small piece of FAZ long here at $12.51 from $11.97 entry yesterday. I am now down to 1/2 position of the original, letting it ride with the financials still weakening here.  I also sold my $JNUG long at $22.11 from $22.16 entry on Monday for a few pennies loss. I did not see much movement...

25Mar1:27 pmEST

Long in the Tooth Rails; Chess Moves

I just went short Canadian Pacific, CP, at $184.49 with a cover-stop over $195, playing the recent weakness in the rails and transports. CP has been a monster, multi-year winner. However, like most other transports and especially rails of late, the rally is showing signs of being long in the tooth.  On the zoomed-out daily chart, below, for...

25Mar12:29 pmEST

Moving Quickly with My Courtship; Chess Moves

I sold 1/3 of my long FAZ position at $12.41 from my posted $11.97 entry yesterday to scale gains.  As I posted yesterday here , I was courting the financials for a move lower after the XLF ETF failed to break over $24.60 in recent weeks.  And if top component Berkshire Hathaway breaks down further I expect even more financial weakness, which...

25Mar11:54 amEST

I Go for the Gourmet Setups; Chess Moves

After playing the initial move off recent lows and selling into strength late-last week, I just went long coffee again, via the $JO ETN, at $25.02 with a stop-loss below $24. I am playing for 20-day moving average, denoted by the orange line on the JO daily chart below, to now hold as support to cement an initial higher low.  To be sure, coffee...

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