MarketChess

30Oct12:39 pmEST

SMCI: There's Never Just One Cucaracha

"We are in the golden age of fraud" -Jim Chanos ( See Also Here ) Shares of the once red-hot hardware AI play Super Micro Computer ( SMCI ) are down by about a third of their value today as the lead auditor of the company, Ernst & Young LLP, resigned as its registered public accounting firm. The inference many are drawing is one of...

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29Oct3:31 pmEST

The Three Amigos the Next Three Days

I see rates are softening this afternoon after another recent push higher. Be that as it may, we have the full gauntlet of major earnings coming the next three evenings, starting with GOOGL tonight.  On the GOOGL MSFT AMZN (each successively reporting the next three nights) weekly charts, below, I am still looking for the law of large numbers...

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28Oct12:26 pmEST

Oil Bulls Are Captured Cowboys These Days

We are stuck in this moment now where select commodities like the precious metals and uranium/nuclear names are soundly outperforming. Meanwhile, oil is being held hostage by careful saber-rattling in the Middle East which never seems to fully escalate into a winner-take-all conflict. As a result, each time there is not an ugly escalation on...

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25Oct3:13 pmEST

Afternoon Update 10/25/24 {Video}

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24Oct2:53 pmEST

Tesla Jumps, But Small Caps Should Be Rallying Too

As Tesla stages an impressive 20% pop after earnings today it is interesting to see the small caps in the Russell 2000 Index red as I write this, into the late-afternoon portion of the session.  Given that rates on the 10-Year are dipping a touch below 4.2% today, on top of the momentum players galvanized with TSLA, one would think that the IWM...

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23Oct1:57 pmEST

Hey Jensen, Want to Autograph My Jenga?

Trading at roughly $3.4 trillion (with the "T") market cap and a forward PE over 33, NVIDIA's technicals also remain historically steep on long-term timeframes, almost analogous to the Dutch Tulip Mania and South Sea Bubble when viewing the quarterly chart parabolas.  But we have known that for a good while now. Thus, the pertinent issue right...

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22Oct1:32 pmEST

They Threw the Baby Out with the Tidewater

Offshore energy play, Tidewater, below on its updated daily chart, is just one of many examples in the energy space of cheap (based on valuation) and clearly out of favor stocks which have been pummeled not only in recent months, but also have been overall dead money (sideways) since the 2015 energy bear market. TDW, itself, has earnings within...

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21Oct1:58 pmEST

Royalty is Coming to America

After the run the precious metals and miners have had it is completely logical to wait for a lower risk entry on the long side. However, as we know, markets these days, especially, can be anything but logical. With rates spiraling higher again today, here are two reasonably non-extended precious miner-related plays, below, on their respective...

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18Oct3:34 pmEST

Afternoon Update 10/18/24 {Video}

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17Oct2:45 pmEST

Markets Used to Be Hard-Nosed and Tough

...And they will be again. For now, we have another slow session, as the Nasdaq fades well off the highs despite a massive move up in TSM after earnings.  On that note, tonight we have both ISRG and NFLX reporting, respectively below on their quarterly charts. Intuitive Surgical, with its robotic surgical device, trades at around a forward PE...

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