MarketChess

26Feb3:39 pmEST

A Copper!

News of Trump ordering a new tariff probe into copper imports  is seeing copper futures rally alongside a premier domestic copper miner like Freeport, below on its daily chart.  FCX has been underwhelming for a while now in 2025. However, I have highlighted a potential bottoming pattern with $41 being an upside trigger to usher in a breakout....

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25Feb2:23 pmEST

The Coming-Around-the-Mountain Pattern

It is not likely an exaggeration to say that the pattern of the major indices gapping down and printing the lows of the session within the first 10-90 minutes after the opening bell occurred several dozen--if not over a hundred times--over the last two years.  The buy programs would pounce on any initial weakness and ignite a furious squeeze,...

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24Feb12:50 pmEST

Battle on Two Fronts

NVIDIA is, of course, the focal point of this week's action, with earnings set to report Wednesday after the bell. True, we also have GDP and PCE data points later in the week. But NVDA, as the marquee mega cap at the epicenter of the AI mania, should determine whether bulls continue to party.  That said, this earnings week is also a kind of...

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21Feb2:57 pmEST

Afternoon Update 02/21/25 {Video}

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20Feb2:09 pmEST

Stay Stealth At Fort Knox

With a supposed looming audit of Fort Knox coming by the Trump Administration, gold and metals/miners are back at it again today. It seems particularly bullish and risk-on that the silver metal and the junior precious miners, below on the GDXJ ETF daily chart, are out in front of the complex. Of course there are also rumors of jumbo jets...

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19Feb2:31 pmEST

Drifting At Sea

The ETF for the "Magnificent 7" leading mega cap tech stocks, below on the daily timeframe, pretty much sums up the state of things with this market: We have a drifting tape, low in volume and narrow in range. Note how tight the apex of the symmetrical triangle is getting, with the lower highs and higher lows nearly converging.  History says...

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18Feb2:13 pmEST

Housing is Dead; Long Live Housing

Rates continue to remain elevated--Higher for longer, indeed.  While I am still flabbergasted at the Nasdaq and VIX largely ignoring this issue (for now, at least), housing and related stocks have clearly gotten the message. And it may only be starting.  On the NVR daily chart, below, this homebuilder serves as just one of many examples of the...

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14Feb2:59 pmEST

Afternoon Update 02/14/25 {Video}

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13Feb1:42 pmEST

Do We Need Taiwan or Not?

Despite some notable weak spots underneath the surface today, such as transports, Microsoft (again), and Amazon, just to name a few, stocks are broadly higher after shrugging off a hot PPI print this morning. A headline crossed earlier that Trump may delay tariffs for another month or two, which seems to have assuaged fears of imminent negative...

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12Feb1:33 pmEST

Denial Ain't Just a River in D.C.

Even with an undeniably red-hot CPI print this morning, plenty of market pundits and players, not to mention central bankers, remain reticent to admit that inflation is actually back on the rise. These folks are sticking to their guns regarding the notion inflation has already "come down significantly," and now we are simply enduing a bumpy...

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