More Ping Pong in Biotech

12Oct3:42 pmEST

Hawks Showing Some Post-Up Game

Despite a rather hawkish tone to the FOMC Minutes from the last meeting, REITs and utilities, typically rate-sensitive sectors, are green here and outperforming most sectors. Note that both IYR and XLU have lagged the market of late and, for all intents and purposes, were not fond of TLT selling off (and thus rates going higher). Still, this...

12Oct1:16 pmEST

Operating in Close Quarters

Headed into the FOMC Minutes at the bottom of the hour, stocks are largely consolidating the violent reversal down since Monday. Biotechnology issues continue to act as a drag on the tape, throwing a wrench in even the enticing long setups like BLUE. Regarding the S&P, the 30-minute chart of the SPY ETF, below, illustrates a possible bear...

12Oct10:51 amEST

Once You Go Hack, You Never Go Back

After an explosive rally since the Brexit aftermath this summer, several prominent cybersecurity plays in the HACK ETF are taking it on the chin this morning. Specifically, FTNT and PANW are down big, while CUDA is a bit of an outlier as it shoots higher after an impressive earnings beat. Other HACK plays like DATA FEYE have been dismal of...

11Oct3:49 pmEST

Stock Market Recap 10/11/16 {Video}

The following video is a brief, condensed version of the Stock Market Recap which I present each evening to members of Market Chess Subscription Services. In the longer version, I offer tons of actionable trade ideas, educational content, and in-depth objective analysis across all markets. If you enjoy my videos and blog posts, then please...

11Oct3:47 pmEST

Beware the Long-Running Descent

The Gilead chart on the monthly timeframe, below, shows a danger for many other charts in the market. On the one hand, the consolidation seemed "orderly," after GILD's prior mulit-year run. But on the other hand, bulls had best not let the descent drag on for too long in lieu of them stepping in aggressively to take these charts back higher. ...

11Oct1:18 pmEST

Gold Bugs Must Stay in Their Lane

Between the Euro and U.S. Dollar, there has been a ton of long-term consolidation over the last eighteen months or so. Prior to the chop, the Dollar had been surging and the Euro was swooning. The issue now is whether the Dollar is resuming its long-term uptrend since 2014 for a new leg up. If so, then gold bugs will need to ignore the...

11Oct10:55 amEST

Spread Throughout the Range

The range on the S&P 500 Index since Labor Day (seen below on the hourly zoomed-out view) had grown so constricted that within the last twenty-four hours we went from what looked to be a bonafide upside breakout attempt to what now looks to be a breakdown attempt this morning. Crude oil softening and Alcoa down more than 10% after earnings are...

10Oct3:45 pmEST

Stock Market Recap 10/10/16 {Video}

The following video is a brief, condensed version of the Stock Market Recap which I present each evening to members of Market Chess Subscription Services. In the longer version, I offer tons of actionable trade ideas, educational content, and in-depth objective analysis across all markets. If you enjoy my videos and blog posts, then please...

10Oct3:35 pmEST

All Eyes on the Old Dinosaur

Even though Alcoa is no longer in the Dow, when it reports earnings tomorrow morning it is still unofficially serves as the start of a new earnings season. This earnings season will take us into Thanksgiving and the holidays before year-end. Alcoa is also a big materials player in the world, with its $13 billion market cap nothing to sneeze at...

10Oct1:15 pmEST

More Ping Pong in Biotech

Just as the ALNY blow-up in the biotechnology arena last week seemed to throw cold water on any resurgence in the XBI (mid-cap biotech ETF), the surge in TSRO today may be reigniting the space to the upside today. As usual, though, we need to see a bit more confirmation now to disprove the notion we are in a short-term choppy tape with no...