MarketChess

17Sep3:01 pmEST

There Are Only Fed Traders in This Room!

As much as some folks try to play it cool and act like they are above noticing what The Fed is doing, the fact remains in this post-2008 era of central banking that The Fed is the main game in town. Others often attempt to advance intelligent-sounding arguments about how The Fed is vastly overrated and really does not matter all that much to...

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16Sep11:35 amEST

One Market's Elevation is Another's Runway

Precious miners are pausing at their mid-July highs this morning, which is apparent when one views the daily charts for GDX and GDXJ.  On the longer-term timeframes, such as the GDXJ (ETF for junior gold miners) weekly, below, we can see this $49 area stretches back over ten years as being a significant price area. The net result of all of this...

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13Sep3:45 pmEST

Afternoon Update 09/13/24 {Video}

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12Sep12:11 pmEST

Sneaky Pal

In the wake of gold printing a new high today we have Palladium making a sneaky push higher, too, after a protracted period of poor performance. On PALL, ETF for the Palladium precious metal, below on the updated daily chart, we see the move above the 200-day moving average to confirm an inverse head and shoulders bullish bottom, which took all...

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11Sep12:39 pmEST

Once Again, the Price Swings ARE the Message

The continued intraday wild price swings across this market are effectively making mincemeat out of just about all traders of late, as one minute bears are celebrating and the next bulls are foaming at the mouth for a squeeze to new highs...only to see the market come right back down and start the whole process over again. As we noted inside...

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10Sep12:48 pmEST

Dimons Are Not Forever

On the back of rate cuts hopes we have seen banks melting up since the August 5th lows even more than other sectors did in that time. JPMorgan, in particular, with its highly visible CEO Jamie Dimon, was right at the forefront.  In fact, inside the service with Members we noted that the $215 level on JPM's chart seemed like a good spot to see...

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09Sep11:57 amEST

A Natural Buffer

I went short small caps last week inside the service for Members using a long bear ETF as a way to play for the fashionable rotation play over the summer to unravel. Thus far we have seen some weakness out of the IWM, ETF for the Russell 2000 Index. However, the larger point seems apparent when we zoom out to a longer-term timeframe, beyond...

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06Sep1:53 pmEST

Afternoon Update 09/06/24 {Video}

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05Sep1:25 pmEST

Face/Off for the Head/Off

The Nasdaq Composite Index, updated below on the daily chart, now has a high quality setup to rug-pull a sizable portion of market participants.  Specifically, we have competing head and shoulders patterns, each highlighted below. The top one is, of course, a bearish head and shoulders top setup. And with the recent rallies, selloffs, backing...

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04Sep1:23 pmEST

Then You've Already Lost

"If you must resort to violence, then you've already lost." -John Connor (Sean Connery), Rising Sun (1993).  Don't look now, but the Japanese Yen currency is strengthening again.  As we saw (briefly) in early-August, when the Yen moves higher it pressures the much-ballyhooed "Yen carry trade," where speculators have cheaply borrowed the...

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