Monthly Archives: September 2023
Showing articles 1 - 10 (24 total)
29Sep10:31 amEST
Let Me Tell You a Couple of Three Things
Dow component and retail titan, Nike, below on the daily chart, is gapping up hard after earnings last evening. And just like with Disney, another Dow component, which gapped up in August after earnings, it would not shock be if all of the bullish cheers will soon be silenced again. Back on August 10th, Disney gapped up on earnings to a chorus...
28Sep11:10 amEST
Change the Seasons, But Not My View
With TBT, the ultra-short ETF essentially betting hard against TLT and betting on higher rates, poking above $40 this morning I decided to right-size my position in long TBT wither Members down to a regular, 2% size (meaning 2% of my dedicated Market Chess educational portfolio)--My cost basis on the overweight position was $28.85 and I have...
27Sep10:45 amEST
Look Who's Gapping Up with Oil
On the second daily chart, below, for the USO (ETF for crude oil), we see the recent tight bull flag that we highlighted with Members resolving sharply higher this morning. In addition, on the first daily chart we have the gasoline futures ETF, UGA, finding buyers on its recent dip. Recall that, seasonally, we are well beyond the peak of...
26Sep11:36 amEST
No Consolidation Lasts Forever
With the month and quarter coming to an end this Friday by the closing bell, have a look if you would, please, at the month and quarterly charts, respectively below, for the IWM (ETF for the small caps in the Russell 2000 Index). You are taking about uniquely extended periods of consolidation, to the point where many are assuming--rather...
25Sep11:16 amEST
You See Bottoms; I See Complacency
Stocks are slowly dripping lower with modest intraday bounce attempts, for now at least. However, the noteworthy action this morning is that both rates and the Dollar are spiking. I have not been shy at all in voicing my view that, ultimately, a new bond secular bear market is underway and that will be the undoing of the great equity chase...
24Sep11:04 amEST
Weekend Overview and Analysis 09/24/23 {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...
22Sep1:35 pmEST
Call Me Kat; Call Me Dead Kitty Kat Bounce
I suppose I could cherry-pick the weakness in NFLX TSLA or even the banks. But to my eye, as one of our Members has been tracking closely, the persistent weakness in airlines after previously being adored by bulls as a sign of the vibrant economy seems telling. On the updated JETS weekly chart, below, the mid-July reversal we highlighted in...
21Sep10:29 amEST
No Bottom for Alibaba
It is rather noticeable that China stocks received tons of cheers by momentum traders into each rally over the last few quarters, only to see said rallies frizzle out each and every time. What that tells me, gauging the BABA monthly chart, below, in addition to the FXI KWEB ETFs, is that China stocks have not bottomed despite their steep...
20Sep1:12 pmEST
What if it is the Pause Which Refreshes the Bond Selloff?
As we know, Jerome Powell is more than capable of being bullied into a corner. Case in point: Back in 2018 Powell was a brand new Fed Chair. He came out swinging with rate hikes and generally adopting a hard money approach, especially compared to the Bernanke and Yellen years. Then-President Trump ultimately made a point to publicly turn the...
19Sep1:47 pmEST
It Worked, And No One Cares
Lo and behold, the Home Depot bearish head and shoulders top, spanning mid-to-late summer as highlighted on the HD daily chart, below, triggered in a powerful way lower over the past few sessions. And no one cared. Bulls assume support will hold, and long-term players dismiss this move as merely noise. But given HD is not only in the Dow but...
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About
“chessNwine” has been a popular trader and financial blogger since 2009. His work has appeared in The Wall Street Journal Online Edition, Yahoo Finance, TheStreet.com, Josh Brown’s The Reformed Broker blog, AbnormalReturns.com, Barry Ritholtz’s The Big Picture blog, and the “Suggested” stream on Stocktwits.com.
