MarketChess
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20Dec2:39 pmEST
Saturday Night at Market Chess Cinemas
I consider L.A. Confidential (1997) to be one of the best films from the 1990's. Based on the James Ellroy novel, and set in steamy, noir-ish 1950s Los Angeles, the film focuses on three main scheming, gritty policemen tracking several murders with some shady connections to the police department. The all-star cast features Kevin Spacey,...
20Dec2:10 pmEST
Steve Nison on Candlesticks
A good Saturday educational video from one of the legends of candlestick technical analysis.
19Dec3:51 pmEST
They're Not Giving Up on the V
Another V-shaped rally back to recent highs on the S&P 500 Index, seen below on the daily chart, leaves many market players in an interesting spot as we head into the final two holiday-shortened weeks of 2014. I did not do too much swing trading this week, not only due to the overnight gaps and wild price moves in both directions but also...
19Dec3:05 pmEST
Capable of a Monstrous Squeeze Attack
I still view IMAX as an explosive short squeeze candidate to the upside, especially as we head into the big Hollywood Christmas film releases. The stock remains very heavily-shorted. And observing the technicals on the daily chart, below, if the $28.70 area below can now hold as newfound support the thesis has a chance to work. In addition,...
19Dec2:21 pmEST
Starbucks Looking to Keep Its Brand Intact
SBUX is a critical chart in the market headed into next week, insofar as whether this breakout holds in a routine check-back on the weekly chart, first below. A move back under $78 would set up a potential "bull trap," or false breakout. At a minimum, it would yield a squishy chart like we have seen from the financials of late. Also note, as...
19Dec12:30 pmEST
Looking at Other Ground for a Sniper Short
&feature=youtu.be CP may be a candidate for me to rotate my UNP short money into, with the mega rail struggling today. On the daily chart, below, note the wedge up to the breakdown level of the diamond pattern. A rollover now below $185 would likely set up a trigger. I am still in the UNP short, with my cover-stop over $124.
19Dec10:51 amEST
Opening Up This Can of Crude
With well-defined lows in place at $20.53 on the USO ETF, crude oil is now making a case for a temporary bottom, seen on the 30-minute timeframe, below. To be sure, $20.53 represents a logical stop-loss zone for longs here, in the event some headlines come out over the weekend driving the oil price lower. But the initial, scary plunge earlier...
19Dec12:34 amEST
Late Night Strategy for Friday
On the latest push lower in the precious metals miners this month, the junior gold miners in the GDXJ ETF (daily chart, below) actually lagged the senior miners in the GDX ETF. Typically, that is a bearish sign of "risk off" in the complex, with the presumption of another leg lower in the space imminent. However, precious metals miners have...
18Dec4:14 pmEST
Stock Market Recap 12/18/14 {Video}
The following video contains coverage of relevant broad market issues (for equities) in addition to plenty of actionable trading ideas across other asset classes. Feel free to pick and choose which ideas and parts of the analysis fit your style. Always properly manage your downside portfolio risk for any trades taken. Enjoy tonight's...
18Dec3:13 pmEST
Staying Onatopp of the Russian Market
The RSX, country ETF for Russia, made its way over the 20-period moving average on the 30-minute chart (orange line, below) yesterday, which we looked at as an actionable long setup. Nonetheless, trades need to be kept on tight leashes here, as Russia remains a risky, headline driven special situation. At issue now is whether we have another...
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About
“chessNwine” has been a popular trader and financial blogger since 2009. His work has appeared in The Wall Street Journal Online Edition, Yahoo Finance, TheStreet.com, Josh Brown’s The Reformed Broker blog, AbnormalReturns.com, Barry Ritholtz’s The Big Picture blog, and the “Suggested” stream on Stocktwits.com.
