Monthly Archives: April 2023

Showing articles 1 - 10 (24 total)

28Apr1:33 pmEST

Dress Those Windows

Even with tech showing some relative weakness thanks to AMZN and SNAP selling after earnings, the reality is that this market is giving that all-too-familiar levitation dance into the end of month.  Indeed, it may seem like April went by fast but either way today marks the final trading day of the month which means w could easily be seeing...

27Apr10:14 amEST

Facebook Face/Off

We have META (formerly Facebook) and other large cap techs leading the Nasdaq higher early on, while chips are soundly red and the likes of ARKK lag behind. Regarding META itself, I see $250 just above spot price to see if we have the makings of a new uptrend or, instead, the final pop before a new leg down commences.  Overall, my sense is that...

26Apr12:22 pmEST

Bring it in for the Real Thing

To dovetail with the Microsoft earnings rally, shares of AMD MU and NVDA are leading a relief rally for the suddenly-lagging semis. I had scaled part of a SOXS bearish ETF trade with Members earlier this week but am now debating adding back to it given this bounce.  On the updated SMH hourly chart, below, the semiconductor sector ETF is getting...

25Apr11:36 amEST

Out with the New; In with the Old

One of our Members noted, on the back of the UPS earnings wreck, the gnarly looking bearish rising wedge breakdown in the IYT, ETF for the transports at-large, seen below, should not be taken lightly.  I realize we supposedly live in a new world where gunslinging speculators feel like all the old warning signs like Dow Theory (whereby...

24Apr12:42 pmEST

Nothing Like a Speculative Lull to Test Your Resolve

The small caps churning below the 200-day moving average, seen on the IWM ETF daily chart, below, yet above $170 multi-year support, as price grinds seemingly to a sideways halt, perfectly illustrates the sort of near-term market environment we are dealing with.  It is times like these that test your mental and emotional toughness as a...

23Apr1:30 pmEST

Weekend Overview and Analysis 04/23/23 {Video}

The following video is a brief, condensed version of the full-length Weekend Video Strategy Session which I present each weekend to members of Market Chess Subscription Services. In the longer version, I offer tons of actionable trade ideas, educational content, and in-depth objective analysis across all markets.  Please click here  for more...

21Apr1:06 pmEST

This Market is Like the Weather in the Midwest

...if you don't like it, just wait five minutes and it'll change!  That is what they saw about the weather in the midwest, and that is what you might say about this market.  We can cherry-pick given strength or weakness in a given stock or sector on a daily basis. But odds are with the way things have gone of late that the very next day you...

20Apr11:29 amEST

Tesla--A Sneak Preview of What's to Come

After a rough earning report shares of momentum darling Tesla are down by 8.5% as I write this. The TSLA weakness is, in part, dragging ARKK down, too, although other issues with ARKK are hurting Cathie Wood's ETF.  Still, to see TSLA, which more than doubled in price from January through February, slip back down here ought to be concerning for...

19Apr10:31 amEST

Let's Not Bring Back Old Stereotypes

Spending a substantial portion of my youth around blue-collar Bayonne, New Jersey, one would think it would be the epitome of the "Buy American" crowd in the 1980s.  However, you would be shocked to know how many people told me, as a kid, to "buy Japanese, kid. The workers commit 'hara-kiri' if they make a bad car over there, while all the...

18Apr10:08 amEST

Back to the Scene

Here we are, again. 4170 up through 4200 was stiff resistance two month ago for the S&P 500 Index. And now bulls are betting on a big breakout with a slew of big tech earnings right ahead, namely NFLX tonight and TSLA tomorrow.  You can see the potential overhead supply (resistance) yourself on the S&P daily chart, updated below. If this is...

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