Drift Into End of Winter

16Mar3:25 pmEST

A Cinderella Story in March

After a few post-Fed whipsaws, bulls are largely in control this final hour. Banks and biotech are notable weak links. But to see the major indices in the green even as the Japanese Yen is rallying is impressive. Beyond that, the strength in the global materials and precious miners has been striking this afternoon. We knew that the XME, ETF...

16Mar12:48 pmEST

Winner-Take-All Fed Meeting

Drifting price action across several markets leads us into the Fed coming up at 2pm EST. The VIX sluggish and not indicating much in the way of trepidation by market plays. Major biotech REGN is halted as we likely await news on the AMGN REGN patent beef. Biotechs, as a group, continue to be the weak link, perhaps a commentary on how fund...

16Mar10:55 amEST

Pokéworks in, Chipotle Out

On the back of poor February comps, CMG breached the widely-watched $500 level this morning. Headed into an action-packed afternoon with the Fed and various associated announcements and events, we are stalking a short entry with Chipotle. In recent months, CMG has done its job of grinding higher and defying call for an imminent plunge to $400...

15Mar5:12 pmEST

Stock Market Recap 03/15/16 {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...

15Mar3:32 pmEST

Let's Have a Muppet Party

The price action in the "safe, blue chip" healthcare stocks today smacks of a bear raid in progress, with the VRX crash now spreading to the likes of MNK. HZNP LLY are also getting hit, as is PFE. With this in mind, if the selling does not relent after the FOMC tomorrow, we have our eyes on NBIX as another short setup. On the daily chart,...

15Mar12:43 pmEST

A Modest Diversion

The action in HLF and many biotechs today, such as JUNO KITE each down nearly 10%, may very well be providing a modest diversion from the main attraction. Specifically, the S&P is struggling to hold above what is turning into a well-defined $201 level on the SPY ETF, seen below on the 15-minute timeframe. Below there, and a gap-fill from...

15Mar10:42 amEST

You Call This One and It's All Over, Baby

The price action in the stock for Valeant Pharmaceuticals this morning tends to bring out the gambler in many traders; Those who assume that just because the stock is down nearly 40%, it therefore follows that a tradable low is imminent. To be sure, VRX will stage sharp reflex rallies from deeply oversold conditions, barring an outright...

14Mar5:03 pmEST

Stock Market Recap 03/14/16 {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...

14Mar3:08 pmEST

Update on Precious Metals and Miners

Although seeing GDX down 4% today may not be very pleasant for NUGT and JNUG holders, gold miners in general have given back very little of their winter rally off a potentially significant bear market bottom. Trading around commodities, especially as they go about proving these potential bottom and the emergences of new uptrends, requires a...

14Mar12:33 pmEST

Drift Into End of Winter

After a lackluster open, the pace of the action has not yet picked up today. On the one hand, bulls are defying a sell-off in crude oil, with QQQ holding green and clearly acting as a bastion of relative strength today. However, small caps are holding on for dear life to $107.50, seen below on the IWM 30-minute timeframe as marking an area of...