MarketChess

05Nov3:08 pmEST

Election

Election Day is understandably front and center today and of late, even when it comes to markets and interpreting the various moves by markets (in this case, the frequent rallies) as being politically-motivated.  Still, I keep returning to the fact that we have an overlooked FOMC later this week, with the decision released on Thursday...

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04Nov3:15 pmEST

A Big Hurdle to Clear, But Well Worth It

With everything going on this week it is going to be easy to overlook potential false breakdowns in both oil and natural gas, respectively below on their ETF's daily charts. As you can see both oil and natty have been abysmal in recent weeks. But today natty is rallying nicely while oil is continuing to climb since finding buyers late last...

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01Nov3:25 pmEST

Afternoon Update 11/01/24 {Video}

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31Oct2:02 pmEST

Leaving Las Vegas Without Spending So Much

Casino operator MGM is being sold aggressively today despite trying to sound optimistic on its earnings call after reporting record net revenue, pointing to long-term opportunities in China, Japan, and online with BetMGM.  Be that as it may, the firm missed on bottom line earnings and is being punished in kind by the market.   For our purposes,...

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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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