MarketChess

04Jun11:27 amEST

Tough to Make This Connection

You may be surprised to learn that the IWM, ETF for the small cap-led Russell 2000 Index, is currently trading at levels it traded at back in December 2020.  For all of the talk about the epic NVDA bull run, the Magnificent 7 names, as well as the likes of COST building a kind of Tower of Babel off the charts into the sky being equated with...

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03Jun1:16 pmEST

We Salute the Sector, Not the Stock

The NVIDIA-versus-the-world dynamic seems like it is even more at play today, to kick off the new month.  Specifically, as I write this shares of NVDA are higher by 3% while the semiconductor index in the SOX is down by more than 1%. The Dow is down by about 400 points amid a plethora of broad market reversals lower from the open, when it seems...

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31May2:17 pmEST

Afternoon Update 05/31/24 {Video}

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30May1:23 pmEST

Just Don't Slip Up Now

We have a pretty textbook bull flag setup on the GDXJ, ETF for junior miners, as seen on the daily chart, below. Indeed, even with the silver metal coming in today it is quite impressive to see money flowing back into the precious miners after their recent consolidation.  As you can see, the miners have not even suffered a flesh wound on the...

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29May12:28 pmEST

An Oldie But Goodie

Rates are on the move higher again today with the 10-Year Note back over 4.6% as I write this. Without question the many folks who boldly proclaimed rates had topped for the year earlier this month will need to at least pause and reflect on that view, as we noted yesterday that the TNX (Index for Rates on the 10-Year) weekly chart has been...

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28May10:15 amEST

Oil Still Could Crack the Case

As a fiery debate rages across many asset classes regarding whether or not inflation is reaccelerating, crude oil may be the key piece of the puzzle which determines the outcome this summer.  On the updated USO ETF daily chart, below, you can see the technical crossroads crude is faced with--A full month now of flopping and chopping around...

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23May12:56 pmEST

Afternoon Update 05/23/24 {Video}

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22May2:18 pmEST

Learn Your LULU Lesson

When shares of Lululemon hit new all-time highs last December 2023 it was quite fashionable for bulls to boast about how LULU was just like COST GOOGL MSFT NVDA and other nonstop, crowded winners who simply could not lose in this market.  Since then, as you can see on the monthly chart for LULU, first below, the stock has tumbled violently...

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21May10:40 amEST

Silver's Range Expansion

"If there is a sudden range expansion in a market that has been trading narrowly, human nature is to try to fade that price move. When you get a range expansion, the market is sending you a very loud, clear signal that the market is getting ready to move in the direction of that expansion." -Paul Tudor Jones The monthly chart for the silver...

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20May11:30 amEST

The Coast May Never Be Clear

Notoriously full of head-fakes and heartbreaks, commodities can be the most ruthless asset class when it comes to trying to time breakouts. For long periods of time commodities essentially lay dormant. But when they do finally wake up, the momentum can be beyond the comprehension of even the most steadfast of bulls.  All we can do is...

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