Gap and Kansas with Dust in the Wind

24Feb3:31 pmEST

Holding Serve

An afternoon surge free and clear above the respective 20-day simple moving averages on the major stock indices helped to negate any notion of bears rolling this market over for an imminent move to new lows today. Precious metals and miners, along with Treasuries and the Yen, are near or at the lows of the day as we speak, likely inspiring...

24Feb12:32 pmEST

Right Down the Line

The bounce in equities later in the morning today coincided with a bounce in both the Dollar/Yen and especially crude oil, post-inventory report. Headed into the afternoon, we are keeping tabs on the 15-minute chart of the SPY, seen below. Note the 20-period moving average (orange line) guiding price down in recent sessions. I suspect if this...

24Feb11:01 amEST

Look Beneath Support

The divergence in recent sessions, dating back to last week, between a weak Dollar/Yen cross (meaning a strong Yen) and equities bouncing along may be recalibrating today in favor of the Yen's dominant position as being one of the premier "risk off" currencies in the world today. As such, with the USD/JPY losing 112 overnight, equities are...

23Feb5:13 pmEST

Stock Market Recap 02/23/16 {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...

23Feb3:40 pmEST

From Russia with Curiosity

Headed into the bell of a grinding sell-off today, we have more earnings after the bell of note, namely FSLR. As we know, many solars have been pummeled of late, namely SCTY SUNE. So, it will be interesting to see if First Solar follow the group down or continues to hold the line. Overall, energy and financials led us lower today, with some...

23Feb12:41 pmEST

Context for the Afternoon

After a fairly slow-moving morning, into the afternoon we are looking at a few day-trading setups which I will run Members through in a Midday Video. Beyond that, some good context will be whether the outlined intraday potential inverse head and shoulders bottom proves true for the small caps, seen on the IWM 5-mnute chart, below. The pattern...

23Feb10:56 amEST

Dimon's Buys Are Forever

A few weeks back, Jamie Dimon, chairman and chief executive of JPMorgan Chase, spent $26 million of his personal fortune to buy his bank's stock, JPM. His buys were cheered as a sign of a bottom for the stock and perhaps the market at-large. Today, JPM and the other big banks in the XLF are getting whacked again, clearly lagging the market. I...

22Feb5:04 pmEST

Stock Market Recap 02/22/16 {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...

22Feb3:04 pmEST

It's Not Just Valeant in Trouble

Equities are still largely churning sideways since the opening gap higher, with another upside move about an hour ago failing to gain traction. Overall, the resilience in bonds and the Yen has yet to adversely affect the rally, for the most part, despite banks and biotechs relatively underwhelming as energy/materials outperform. In addition,...

22Feb12:55 pmEST

Gap and Kansas with Dust in the Wind

The intraday chart of the SPY, below, shows a gap up and subsequent sideways base which looks flatter than Kansas. Headed into the heart of the afternoon of trading, I am looking to see if the VIX continues to drop lower, as it did all morning. If bears are going to make a move in stocks, then seeing VXX and the like firm up is probably going...