MarketChess

25Sep12:53 pmEST

Leaders Lead in Both Directions

Any pretense of Goldman Sachs being the premier banking house on Wall Street (recall 2008, for example, with Warren Buffett buying perpetual preferred shares to ward off short sellers at the depth of the crisis) has long been disposed of, as JPMorgan Chase and its highly visible CEO Jamie Dimon is clearly on top. JPM is the largest-weighted...

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24Sep1:21 pmEST

Sweet and Sour Stimulus

Overnight we saw that China announced its most significant stimulus package since pandemic. In response, China stocks traded as ADRs in America, such as BABA BIDU JD NTES PDD, just to name a few, are all gapping up hard as many shorts are likely caught offsides on top of the usual momentum chasers piling on the long side.  While I disagree with...

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23Sep11:47 amEST

Shorts Don't Want to Land on No Three Mile Island

But I don't want to land in the New York City I don't want to land in Mexico I don't want want to land on no Three Mile Island I don't want to see my skin aglow. -"Volcano," Jimmy Buffett With approximately 25% of its float (the shares outstanding) held short, and a better technical chart than most uranium/nuclear-related plays,...

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20Sep3:09 pmEST

Afternoon Update 09/20/24 {Video}

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19Sep3:35 pmEST

The Surest of Things

Bulls are certainty feeling one's oats today, as the ambitious rate cut by The Fed yesterday brought a Wall Street cheer overnight in the futures market and led to a sizable gap higher today. We do have a Bank of Japan meeting underway, which could shake things up a bit tomorrow.  However, the overwhelming sentiment currently seems to be that...

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18Sep3:18 pmEST

The Bond Traders Speaketh

Stocks are whipping around, having faded well off session highs amid a volatile 50-bps cut Fed Day. However, we still have the final hour to get through and tomorrow's action after a night for markets to sleep on the surprising decision.  In the meantime, Treasuries are selling the news, seen below on the TLT ETF daily chart. I have been out of...

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17Sep3:01 pmEST

There Are Only Fed Traders in This Room!

As much as some folks try to play it cool and act like they are above noticing what The Fed is doing, the fact remains in this post-2008 era of central banking that The Fed is the main game in town. Others often attempt to advance intelligent-sounding arguments about how The Fed is vastly overrated and really does not matter all that much to...

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16Sep11:35 amEST

One Market's Elevation is Another's Runway

Precious miners are pausing at their mid-July highs this morning, which is apparent when one views the daily charts for GDX and GDXJ.  On the longer-term timeframes, such as the GDXJ (ETF for junior gold miners) weekly, below, we can see this $49 area stretches back over ten years as being a significant price area. The net result of all of this...

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13Sep3:45 pmEST

Afternoon Update 09/13/24 {Video}

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12Sep12:11 pmEST

Sneaky Pal

In the wake of gold printing a new high today we have Palladium making a sneaky push higher, too, after a protracted period of poor performance. On PALL, ETF for the Palladium precious metal, below on the updated daily chart, we see the move above the 200-day moving average to confirm an inverse head and shoulders bullish bottom, which took all...

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