From Bobby's Room to Ivey's Room

06Apr3:38 pmEST

Painting the Picture

Although now overbought in the short-term, the biotech sector ETFs (IBB, XBI) may have a bit more juice in the tank before we would expect overhead supply to materialize. To give you the bigger picture, the weekly IBB chart, below, illustrates that the larger cap biotech may have a date with $300, above, before a higher probability short setup...

06Apr12:52 pmEST

Counter Moves in a Complex Game

Steel stocks continue to quietly perform well, on the whole, despite the SCHN gap down after earnings this morning. Letter X is up 3.5% at the moment, capable of a violent squeeze higher. And other names of note have been discussed for Members both as swings and potential long-term investment ideas. Just as with the precious miners, more work...

06Apr10:49 amEST

A Hidden Camera on Bears

Despite a soft open, easing the presumptive gains implied by the futures market overnight, bulls are holding serve into mid-morning. Moreover, biotechnology issues continue to outperform, with IBB breaking to multi-month highs as we speak. At issue is whether this rotation down is simply keeping shorts honest until the next meaningful break...

05Apr5:10 pmEST

Stock Market Recap 04/05/16 {Video}

The following video is a brief, condensed version of the Stock Market Recap which I present each evening 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. If you enjoy my videos and blog posts, then please...

05Apr3:49 pmEST

An Orderly Pullback....or Dangerous Complacency

Today's session was eerily slow at times, considering the weakness in financials and the very perilous price action in global financials BCS CS DB. Strength in a few pockets like TSLA and dead-cat bounces in SCTY SUNE may have masked this weakness. But to my eye the market smack of a bit of short-term complacency. More in my recap after the...

05Apr12:53 pmEST

It Survived the Winter

Considering the sharp rally in "risk on" assets since February, it is interesting to see the early-2016 strength in the safe haven Japanese Yen currency survive through the rest of the winter months. That resilience out of the Yen is on full display today, with the FXY ETF, below on the weekly timeframe, attempting a breakout from the sideways...

05Apr10:46 amEST

The Potter and Handle Pattern

Despite Goldman Sachs staging a spirited rally last Friday, large banks in the XLF ETF have mostly given back the bounce late-last week in favor of their continued underperformance throughout the winter months. This morning, they are clearly lagging, even underperforming their regional counterparts. Specifically, the likes of BAC MS WFC are...

04Apr5:13 pmEST

Stock Market Recap 04/04/16 {Video}

The following video is a brief, condensed version of the Stock Market Recap which I present each evening 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. If you enjoy my videos and blog posts, then please...

04Apr3:16 pmEST

Putin on a Tough Guy Front

Considering the carnage in crude oil today, not to mention the oil service stocks (first daily chart, below, of the OIH sector ETF) getting soundly rejected off a prior important price area at $27, it is fairly impressive to see Russia not getting pounded. However, if the RSX (Russia country ETF, second daily chart, below) loses $16 soon, I...

04Apr1:02 pmEST

From Bobby's Room to Ivey's Room

There is a fairly clear rotation playing out today, with money coming out of some of the more prominent Nasdaq technology issues and rotating down to biotechnology and pharma stocks. Even with FANG names FB AMZN GOOGL NFLX off session lows as I write this, the QQQ ETF is still in the red while many biotechs squeeze higher off recent base...