MarketChess

10Sep12:48 pmEST

Dimons Are Not Forever

On the back of rate cuts hopes we have seen banks melting up since the August 5th lows even more than other sectors did in that time. JPMorgan, in particular, with its highly visible CEO Jamie Dimon, was right at the forefront.  In fact, inside the service with Members we noted that the $215 level on JPM's chart seemed like a good spot to see...

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09Sep11:57 amEST

A Natural Buffer

I went short small caps last week inside the service for Members using a long bear ETF as a way to play for the fashionable rotation play over the summer to unravel. Thus far we have seen some weakness out of the IWM, ETF for the Russell 2000 Index. However, the larger point seems apparent when we zoom out to a longer-term timeframe, beyond...

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06Sep1:53 pmEST

Afternoon Update 09/06/24 {Video}

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05Sep1:25 pmEST

Face/Off for the Head/Off

The Nasdaq Composite Index, updated below on the daily chart, now has a high quality setup to rug-pull a sizable portion of market participants.  Specifically, we have competing head and shoulders patterns, each highlighted below. The top one is, of course, a bearish head and shoulders top setup. And with the recent rallies, selloffs, backing...

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04Sep1:23 pmEST

Then You've Already Lost

"If you must resort to violence, then you've already lost." -John Connor (Sean Connery), Rising Sun (1993).  Don't look now, but the Japanese Yen currency is strengthening again.  As we saw (briefly) in early-August, when the Yen moves higher it pressures the much-ballyhooed "Yen carry trade," where speculators have cheaply borrowed the...

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03Sep11:44 amEST

Back to School Equals Back to Basics

As opposed to the rest of the country, here in the northeast the Labor Day holiday, as much as anything else, is synonymous with K-12 schools kicking off the new year.  And with that new school year of education one has to wonder if the market, itself, will get back to basics.  Specifically, bearish chart patterns have mostly become so...

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30Aug1:15 pmEST

The Ultimate Standoff

With such historically aggressively interventionist monetary and fiscal policies since the global financial crisis--and even more since the pandemic--one ought not be surprised (even though many are, clutching pearls firmly in hand) that the overarching theme in markets and the economy is bifurcation. The financial news media has referred to it...

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29Aug2:42 pmEST

Surviving the Game

An afternoon fade is seeing the Nasdaq turn red as I write this, with the 17,780 level we noted here and with Members on the Nasdaq Composite Index asserting itself as firm resistance today.  NVDA is currently down 6%, GOOGL is a dud again, yet bulls were as cocky as I can recall earlier today on the prospect of an unstoppable freight train of...

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28Aug1:00 pmEST

But She's Been Gone Since That Summer

"New Kids On The Block had a bunch of hits Chinese food makes me sick And I think it's fly when girls stop by For the summer, for the summer I like girls that wear Abercrombie & Fitch I'd take her if I had one wish But she's been gone since that summer Since that summer." Summer Girls, by LFO It would be quite easy, indeed,...

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27Aug2:10 pmEST

What if Inflation is Bottoming, Not Topping?

Even though I have been out of my bond short since July I remain focused on the long-term inflationary dynamics still very much in play. The rate of inflation has slowed but that differs greatly than us experiencing deflation (Just go to the grocery store, pay your healthcare bill, various insurance costs, etc., for reference).  That said, what...

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