An Interesting Location for the World Cup

No, I am not referring to the host country of this World Cup, which is getting underway this morning. Instead, I am talking about the price location of Yandex, Russia's version of Google, essentially.

And if you subscribe to the idea that Google is somewhat of a proxy for U.S. (or global) GDP, then it is hard not see YNDX as a potential long idea after the stock has experienced its first real correction in the last few months for the first time since its monster rally breakout began back in late-2016. 

The World Cup will surely provide a boost for Russia's economy, and YNDX would seem to benefit as much as any firm traded here in the U.S.. Moreover, the stock is still comfortably above its multi-year base bottom breakout level in the mid-$20s, which is a spot we turned bullish on the name as a long-term investment inside the VIP arm of Market Chess Subscription Services. I do not see anything which undermines the long-term bull thesis yet, beyond a much overdue correction in recent months which is part of long-term investments, anywhere and always. 

And given that emerging markets in general have been corrective since January/February, perhaps the World Cup gives them a chance to benefit from an ever-rotating market of equities we have seen of late. 

In the near-term, we are looking to see whether YNDX can break and hold above the $37 level, highlighted on the daily chart, below.