MarketChess

07Mar12:51 pmEST

Reminiscent of a Certain Time and Place

As NVDA and the semiconductors continue to blow-off (headed into AVGO earnings tonight), I cannot help but recall this same early-March period in 2009. Of course, back then instead of going up every day we had the market going down nonstop. There were many bold calls for the S&P eventually go down to 400, some even calling for 200 and 100 with...

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06Mar11:19 amEST

A Profile in Cowardice

It is fascinating to see that, despite the plethora of seemingly hawkish comments by Chair Powell this morning in front of Congress, Bloomberg ran a YouTube clip soundbite  with the title, "Fed Chair Powell: Likely Appropriate to Cut Rates This Year." Even though Powell's "likely appropriate" comment on rate cuts came before and after a...

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05Mar12:29 pmEST

Bring on the Passive Aggressive Types

The main reason why textbook bearish head and shoulders topping patterns tend to work so well at ushering in new bear markets and are quite obvious (in hindsight!) is, ironically, that they have failed numerous times on the way up during the bull run. And in this liquidity-driven bonanza since 2009 and especially since the pandemic that...

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04Mar11:14 amEST

More Dignified Action

Amid plenty of other issues in markets and the world, it is quite easy to overlook the recent strength in natural gas after a prolonged period where natty bulls displayed unrivaled ineptitude.  On the UNG ETF daily chart, updated below, the gap up today is a sizable one. And over the last few weeks we have seen some tangible evidence of at...

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03Mar8:34 amEST

Weekend Overview and Analysis 03/03/24 {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...

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01Mar2:18 pmEST

Here's What the Powers That Be Don't Want to See 03/01/24 {Video}

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29Feb11:44 amEST

It's Called Stealth for a Reason

The Nasdaq just faded to red as I am writing this. However, bears clearly need much more gusto than that to the downside in order to cement any kind of top.  That said, I expect the stealth distribution in "Magnificent 7" names AAPL TSLA and now GOOGL to prove to be a leading indicator of where this market is headed in March, and perhaps...

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28Feb12:10 pmEST

Floating the Idea of a Berkshire Top

Monday's big downside reversal after surging to fresh all-time highs for Berkshire Hathaway "A Shares" was noteworthy since it was, among other factors, occurring the first trading session after the Berkshire Annual Letter hit the news headlines all weekend with Warren Buffett's thoughts on markets and life.  In addition, Berkshire's stock has...

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27Feb11:31 amEST

Plenty of Coil in That Oil

In addition to natural gas starting off this week well we also have crude oil itself, below on the USO ETF daily chart, threatening to break well-defined resistance higher. You may have noticed gas prices creeping back higher at the pump, and that dovetails nicely with the energy commodities at-large showing signs go slowly waking up after a...

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26Feb11:54 amEST

Two Tickers Fogging Up a Resilient Market

With GDP, PCE, a plethora of Fed speakers, plus increasing buzz about a government shutdown this week, the broad market is still resilient albeit mixed. That said,  Alphabet and the REITs in the IYR ETF, respectively below on their daily charts, stick out so far today as two of the more glaringly weak parts of the market.  I am, specifically,...

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