MarketChess

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06Aug11:13 amEST

There's Heat Below

A massive upside reversal in the futures overnight may very well have seen bulls breathing multiple sighs of relief. However, it is worth remembering that plenty of opening gaps higher fail during corrective markets. And as we have been profiling, especially since last week both here and with Members, the market has indeed been flashing quite a...

05Aug2:34 pmEST

This Market Requires Beer Goggles

In the midst of an 800 point Dow selloff, seeing a software growth leader like Alteryx, Inc. (AYX) down by a mere 4% may seem about par for the course.  However, when we view the updated AYX daily chart, we will note there is no damage of which to speak...yet. Furthermore, AYX is not yet putting in any type of large, solid red candle which...

05Aug10:41 amEST

A Better View for You-Know-Who

Bears can hold their heads high and stick their chests out this morning as the major averages gap sharply lower. Indeed, the red flags and various warning signs we noted last week here and for Members seem to be playing out well for ursine-minded traders. Escalating trade war and geopolitical tensions seem to be the excuse du jour for the...

04Aug9:30 amEST

Sunday Matinée at Market Chess Cinemas

Currently out in theaters, Quentin Tarantino's two-hour and forty-five minute look at real-life stars from 1969 Hollywood in Once Upon a Time In Hollywood (2019) makes for an interesting viewing.  Tarantino films largely risk coming off as too campy and contrived, but are also oftentimes entertaining--Clearly, some more than others. And the...

02Aug10:27 amEST

Enjoy the Journey

It may not be particularly fun to ease off the action during this mid-to-late summer market malaise, but with the small caps in the IWM breaking back below their 50-day moving average this morning to compound the heavy selling in tech (QQQ) over the last two sessions, resisting the urge to "make something happen" on the long side may very well...

01Aug3:08 pmEST

The Fed is Trapped; Long Live The Fed

It may take a little while longer yet for equities to fully grasp the picture. But what else is new?  The first asset classes to usually catch on are fixed income and, at times, gold.  So what is it, exactly, that these markets need to "catch on" to regarding The Fed? How about this: The Fed is officially trapped and now they know it. Any...

01Aug11:36 amEST

Kirkland is Not Just Costco's House Brand, Ya Know

Equities are snapping back with some authority this morning, as hope for a second rate cut now seems to have more viability than it did yesterday afternoon. Still, I am a bit skeptical of the bounce, pending the close and daily volume due to some recent warning signs with respect to upticks in sell volume and a few examples of the market...

31Jul3:47 pmEST

The Market Was Not Looking for That

The beloved rate cut may indeed have been initially perceived as being some type of panacea for global trade wars and any concerns about the economy. But even with small caps outperforming the last two sessions it is hard to ignore the "sell the rumor, sell the news" double-whammy we largely saw in many stocks this week.  In particular, note...

31Jul10:33 amEST

At Least Some of it is Baked in the Cake

Small cap outperformance yesterday combined with a gap higher in AAPL after earnings this morning are helping to blunt some of the "sell the rumor" type of action we saw at the beginning of this week as we head into the FOMC later today.  Still, one cannot help but think that the widely-publicized rate cut likely to come at 2pm EST today is...

30Jul10:17 amEST

Bears Trapped on This Deck

In an otherwise slow pre-FOMC tape today, Trex Company, the leading recycled materials manufacturer of wood-alternative decking, railings and other outdoor items, is a notable bright spot.  We tried a long in TREX in recent weeks but soon surmised that the stock was likely waiting on earnings to make some type of move. With this morning's...

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