MarketChess
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24Apr9:41 amEST
Weekend Overview and Analysis 04/24/22 {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...
22Apr11:25 amEST
Head and Shoulders Tops Never Work, You Guys
...except when they do. Since the 2008 and even 2000-2002 comparisons by now are a bit played out, let us examine the summer swoon of 2011 (which actually lasted deep into autumn) for reference. The first chart, below, is the weekly chart for the S&P 500 Index from the year 2011, showing about a is month topping process yielding a sharp head...
21Apr3:28 pmEST
Check, Please?
If today does indeed mark a major bull trap, sending us much lower into the heart of earnings next week before the FOMC in two weeks, then tech/growth names like ARKK IWM QQQ TSLA should probably close at or near session lows today and immediately follow-through with a hard move down tomorrow into the weekend to effectively trap in longs and...
21Apr10:02 amEST
I Regret to Inform You
I regret to inform you that this cycle is still about rates, Powell, and inflation, overall, in spite of the day-to-day various headlines about Elon Musk, or just about anything else outside of a nuclear bomb. Shares of Tesla gapping up 10% this morning after earnings has more than offset a sloppy close by tech yesterday into the...
20Apr2:41 pmEST
I'm Still Short ARKK, and My Bet is Complacency Gets Punished
Using the SARK bearish ETF (via a long position inside Market Chess Subscription Services, just above $51.20 entry) as a proxy to go short ARKK, Cathie Wood's flagship ETF housing a plethora of incredibly rich growth and speculative stocks, I continue to press for ARK to revisit its COVID crash lows in the coming weeks and months. While that...
20Apr10:09 amEST
Go Get 'em, Boys! Fight the Good Fight
After initially shrugging off the Netflix earnings implosion, tech is now leading to the downside with the QQQ ETF off by 1% and giving back a chunk of yesterday's gains. It was not all NFLX last night, however, as the likes of chip play ASML is quietly up 4.4% after earnings. However, let us not kid ourselves, with its trillion dollar market...
19Apr3:34 pmEST
Land of the Setting Sun
With volume running light on today's big rally in equities, some of other non-confirming aspects are: Rates on the 10-Year Note pushing higher yet, JNK red/flat most of the day, mortgage REITs sharply lower, and the general "buy the rumor, sell the news" vibe the tape is giving off as we head into IBM NFLX earnings tonight, then a slew of major...
19Apr11:00 amEST
Are We Sure the Netflix Selling is Overdone?
Stocks are enjoying one of those sugar rush buying frenzies off a flat open, as the major indices are up about 1%-1.5% across the board while I write this. Most indices, especially the small caps in the IWM, are testing their respective 50-day simple moving average, which no doubt will serve as an excellent litmus test for both sides since we...
18Apr3:37 pmEST
I Don't Mind Being "That Guy"
Part of my job, in my quest to deliver value to you, the reader, often involves noting aspects of markets and market players which are inconvenient truths. And, of course, those times where I am wrong it serves as a double-whammy of sorts, where my upsetting of the apple cart proves to be null and void analysis. Having said that, I continue to...
18Apr10:42 amEST
Clown Show Action off the Open
Amid the Elon Must/TWTR saga, Tesla squeezed up off a red open in front of earnings later this week. On that note, Netflix tomorrow evening gets us into the heart of major tech earnings season, which no doubt will be a test for this market before the next FOMC in the first week of May. However, it is not a broad-based tech/growth party this...
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About
“chessNwine” has been a popular trader and financial blogger since 2009. His work has appeared in The Wall Street Journal Online Edition, Yahoo Finance, TheStreet.com, Josh Brown’s The Reformed Broker blog, AbnormalReturns.com, Barry Ritholtz’s The Big Picture blog, and the “Suggested” stream on Stocktwits.com.
