MarketChess
Showing articles 821 - 830 (6601 total)
26Apr10:44 amEST
Sliding Down the Slope of Hope
A bull market will climb a wall of worry, while a bear market will slide a slippery slope of hope.” -Old Wall Street Proverb Yesterday's intraday reversal and subsequent upside bounce apparently spawned off more Elon Musk headlines looks to be fading fast today, as even Mr. Musk's flagship TSLA is off by more than 9% as I write this. ...
25Apr3:23 pmEST
Looking for Solid Support
While I have my doubts about tech and growth, with the large majority of those stocks and sectors below 200-day moving averages, the commodity complex holds much more of my interest into this pullback. As you know, most commodity stocks are in uptrends, above 200-days, and the shakeout of late has seen a bunch of names like FCX, LAC, MP, all...
25Apr10:05 amEST
The S&P Has No Business Being Above 4,000 Right Now
CNBC's Bob Pisani was boasting about how loyal ARKK's shareholder base was this morning, as he inferred from the lack of shrinking shares outstanding that Cathie Wood's believers were firmly intact. While I agree that Ms. Wood has her loyal band of holders, it is important to note that Wall Street history tells us that strong bear markets, as...
24Apr9:41 amEST
Weekend Overview and Analysis 04/24/22 {Video}
The following video is a brief, condensed version of the full-length Weekend Video Strategy Session which I present each weekend 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. Please click here for more...
22Apr11:25 amEST
Head and Shoulders Tops Never Work, You Guys
...except when they do. Since the 2008 and even 2000-2002 comparisons by now are a bit played out, let us examine the summer swoon of 2011 (which actually lasted deep into autumn) for reference. The first chart, below, is the weekly chart for the S&P 500 Index from the year 2011, showing about a is month topping process yielding a sharp head...
21Apr3:28 pmEST
Check, Please?
If today does indeed mark a major bull trap, sending us much lower into the heart of earnings next week before the FOMC in two weeks, then tech/growth names like ARKK IWM QQQ TSLA should probably close at or near session lows today and immediately follow-through with a hard move down tomorrow into the weekend to effectively trap in longs and...
21Apr10:02 amEST
I Regret to Inform You
I regret to inform you that this cycle is still about rates, Powell, and inflation, overall, in spite of the day-to-day various headlines about Elon Musk, or just about anything else outside of a nuclear bomb. Shares of Tesla gapping up 10% this morning after earnings has more than offset a sloppy close by tech yesterday into the...
20Apr2:41 pmEST
I'm Still Short ARKK, and My Bet is Complacency Gets Punished
Using the SARK bearish ETF (via a long position inside Market Chess Subscription Services, just above $51.20 entry) as a proxy to go short ARKK, Cathie Wood's flagship ETF housing a plethora of incredibly rich growth and speculative stocks, I continue to press for ARK to revisit its COVID crash lows in the coming weeks and months. While that...
20Apr10:09 amEST
Go Get 'em, Boys! Fight the Good Fight
After initially shrugging off the Netflix earnings implosion, tech is now leading to the downside with the QQQ ETF off by 1% and giving back a chunk of yesterday's gains. It was not all NFLX last night, however, as the likes of chip play ASML is quietly up 4.4% after earnings. However, let us not kid ourselves, with its trillion dollar market...
19Apr3:34 pmEST
Land of the Setting Sun
With volume running light on today's big rally in equities, some of other non-confirming aspects are: Rates on the 10-Year Note pushing higher yet, JNK red/flat most of the day, mortgage REITs sharply lower, and the general "buy the rumor, sell the news" vibe the tape is giving off as we head into IBM NFLX earnings tonight, then a slew of major...
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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.
