MarketChess

17Jun3:32 pmEST

Warsh Sale Rule Begins

Despite being fluent in corporate-speak, Kevin Warsh still got the point across during his first FOMC presser as Fed Chair that inflation is a legitimate concern, perhaps more than Jerome Powell let on during his final years as Chair. As a result, equities mostly reversed lower albeit with the plucky semiconductors still up nicely on the...

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16Jun3:03 pmEST

Enter Sandisk

Exit light Enter night Take my hand We're off to never-never land, yeah As much as the recent SpaceX (SPCX) IPO has been capturing headlines and momentum hype the reality is that Sandisk has clearly taken over this spring as the hottest name in the hottest sector of the hottest index during this melt-up. In fact, you may have seen...

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15Jun2:47 pmEST

Learn from a Legend

Amidst another headline-driven rally in stocks and selloff in oil today, this time on the back of what is allegedly the final deal with Iran, let us take a step back given the redundancy of the tape of late.  Specifically, an overlooked Wall Street legend is the late, great Julian Robertson, Wall Street investor and founder of Tiger...

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12Jun2:52 pmEST

Afternoon Update 06/12/26 {Video}

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11Jun3:05 pmEST

I Knew It! I'm Surrounded By...

In front of tomorrow's SpaceX IPO (to be traded under ticker symbol, SPCX) President Trump came out earlier this afternoon with yet another market-moving Truth Social post where he cancelled this evening's military strikes against Iran as he said peace discussions moved to the highest levels of Iranian leadership. The indices surged on this...

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10Jun2:55 pmEST

Fighting it Out in the Box

The violent price swings with an uptick in volatility that we noted yesterday is all the more pronounced today, with another sharp downside reversal earlier in the broad market after this morning's inline but still extremely hot CPI print. This evening we hear from Oracle, a legacy tech play heavily-involved with AI. ORCL is back below its...

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09Jun3:09 pmEST

Swingers

On the back of swirling, competing headlines about whether or not Iran may be willing to negotiate a deal centered around enrichment suspension, we are seeing what can best be described as, easily, the most volatile and highest sell volume market action since this latest melt-up in late-March. The QQQ ETF (for the top 100 stocks in the Nasdaq)...

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08Jun3:15 pmEST

The Oldest Trick in the Book

Lost in the shuffle of just about everything else, we saw the downtrodden stock of Chipotle Mexican Grill enjoy an upgrade by JPMorgan last Friday. Off the upgrade, CMG was galvanized with an initial surge of about 6% before fading a bit into the weekend but still finished green on the day. Today, the stock is up by about 0.4% as I write this. ...

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05Jun3:21 pmEST

Afternoon Update 06/05/26 {Video}

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04Jun2:32 pmEST

A Many Splendored Thing

While the AI trade continues to have the pizzazz, despite the AVGO selloff today, a fair amount of commodity-related stocks are quietly tightening up and steadily improving from a technical perspective. I still maintain, and have repeated this ad nauseam with Members, that until we see the AI trade unravel and reset it is tough to be...

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