Light and Sweet, Buddy

24Aug3:41 pmEST

Back in the Neutral Zone

With an afternoon push lower, biotechnology stocks in the IBB ETF cracked back under $290, their prior breakout level. On the IBB daily chart, below, note the uptick in sell volume on the move. I am sure MYL in the news today is not helping the cause. But the INSY downside reversal is not pretty, either. Overall, upside momentum in the market...

24Aug1:05 pmEST

Meanwhile, in Wyoming

We will get our speech, finally, from "Queen" Yellen out at Jackson Hole, Wyoming, on August 26th (Friday) at the Federal Reserve Bank of Kansas City's annual Economic Policy Symposium. That speech should shed at least some light on the hawk vs. dove debate into the next Fed meeting. In the meantime, we have a slow summer tape with precious...

24Aug10:36 amEST

Gold Bugs or Goldfish

In sports such as wrestling and in poker, a "fish" is slang for a weak player. Given the suddenly-poor action in precious metals and miners of late, it may be easy to quickly lurch to the side that gold bugs are back to being fish in a long-running bear market in commodities. But recall just how steep the complex had become after their rally...

23Aug3:57 pmEST

Stock Market Recap 08/23/16 {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...

23Aug3:36 pmEST

A Sneaky Mode of Attack

After lulling, shaking, grinding, even punishing longs since July 4th, natural gas is quietly waking up this week. Surviving the weekly inventory report on Thursday morning is likely to be the big test, but it sure is sneaky to see natty rallying sharply after last Friday's apparent breakdown from its recent consolidation. Instead of breaking...

23Aug1:06 pmEST

A Whiff of Musk This Afternoon

Earlier today, Elon Musk tweeted that Tesla would make a product announcement at noon California time today, or 3pm EST. This comes as MBLY, which had previously severed ties with TSLA, announced a partnership with Delphi Automotive (DLPH) regarding self-driving cars. So, it will be interesting to see if Musk can, in effect, "re-raise" the...

23Aug10:52 amEST

The Geek Squad is All Over This Trendline

Dating back ten years now, Best Buy has struggled at the very well-defined resistance trendline highlighted below on the monthly chart. You can see how many touches, or "reactions," the stock has made with it, rendering it rather important and worthy of attention, especially this morning after the stock rallied on better-than-expected...

22Aug3:43 pmEST

Stock Market Recap 08/22/16 {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...

22Aug3:40 pmEST

The Last Good Low in Summer

It is a quiet start to the week in what has been a fairly quiet past few weeks on the major averages. However, Twitter's stock is back down to its 200-day simple moving average, a reference point which is still declining. We have been profiling TWTR's baby steps of progress since holding $14 in the winter and then late-spring months this...

22Aug1:21 pmEST

Light and Sweet, Buddy

Lost in the shuffle of some whippy action this morning in equities is strength in sugar and coffee. Sugar has been a leader among soft commodities for a while now, likely bottoming from a vicious bear market since last summer. Since then, we have updated the commodity periodically. Currently, looking at the SGG ETN daily chart, below, sugar...