Monthly Archives: March 2015
Showing articles 31 - 40 (184 total)
26Mar2:28 pmEST
No So Invincible
While crude oil pushes higher, and now even energy stocks are flipping green, Russia is lagging those assets to which it is typically correlated. On the updated country ETF daily chart for Russia, below, note the threat of a breakdown from the highlighted wedge. For a while now, Russia, crude, and energy stocks have been tough to swing trade...
26Mar1:29 pmEST
A Look at Leadership
Despite FB trying to bounce back today from yesterday's selling, a lingering issue for this market near all-time highs is the weakness in TSLA, a clear momentum darling dating back to 2013 if not an outright "super stock." On the updated daily chart, below, note Tesla's continued corrective structure, with price operating well below longer-term...
26Mar12:37 pmEST
A Drive-Thru Setup
As I mentioned earlier today, CNAT off the gap higher in biotech land could be setting up for day-traders. On the 5-minute chart, below, a $6.90-$7.10 bracket may be appropriate in terms of triggering either a short or long setup intraday, respectively. The edge probably goes to bulls given the gap higher and fairly orderly consolidation off...
26Mar11:45 amEST
Sliding Into an Obvious Base
Both the QQQ and SPY, ETFs for the Nasdaq and S&P 500 indices, respectively, are sliding back down to their lows from mid-March. On their 30-minute charts, zoomed-out below, I would not be surprised to see an intraday bounce off these levels, given that we slid down here in a fairly straight line, which may be happening as we speak. However,...
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...
25Mar4:46 pmEST
Stock Market Recap 03/25/15 {Video}
The following video contains coverage of relevant broad market issues (for equities) in addition to plenty of actionable trading ideas across other asset classes. Feel free to pick and choose which ideas and parts of the analysis fit your style. Always properly manage your downside portfolio risk for any trades taken. Enjoy tonight's...
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...
25Mar2:11 pmEST
The Claws Are Ready
I remain short GILD with minor profit cushion on my entry, playing for that 200-day moving average (yellow line on daily chart, below) to eventually succumb to selling pressure after buyers have tried to defend it for quite some time now. As a general rule in technical analysis, the more well-defined support is probed, the more likely it is to...
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...
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“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.
