MarketChess

20Jul10:40 amEST

A Seaside Heights Rally

Led by high quality names like Coinbase, Cathie Wood's ARKK (below on the updated daily chart) is staging a mid-summer revival of sorts as price clears well-defined multi-month resistance this morning.  I am being cheeky, of course, in referring to COIN as high quality--In fact, this rally is rather trashy, as we have some of the highest beta,...

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19Jul3:41 pmEST

A Beauty and a Cheapie

As China reopens, we have South Korea steel maker POSCO, first below on its daily chart, trading with a PE of 2 (!) and a well-run company. It is hard not to think that PKX is due for a sharp, continued bounce given the broad market action and China re-opening as most commodities firm up.  And on the second daily chart, below, we have HALO, one...

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19Jul11:18 amEST

Roundtrip: But is it Really Over?

The once red-hot soft commodities and their related agribusiness stocks have been humbled throughout the spring and early summer months. As the war in Ukraine marches on, however, coupled with entrenched inflation overall one has to wonder (not unlike with the energy stocks) if the sharp moves lower have been more of the bull market correction...

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18Jul3:44 pmEST

New Levels to Clear

Clearly the AAPL news threw a wrench in the rally attempt for bulls today, overall. The Nasdaq's QQQ ETF, below on the updated hourly chart, faded off $296 as the next level above to clear, after having jumped over the key $290 level. But now into the bell it appears we may close just back below there into the $288-$290 zone which was prior...

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17Jul10:25 amEST

Special Edition: Full-Length Weekend Strategy Session 07/17/22 {Video}

For this weekend only, I am opening up the full-length Weekend Video Strategy Session to everyone.  Each weekend, I present a similar video to the one below for Members of the Market Chess Subscription Services. Please click here for details about joining at a reasonable price to receive these types of videos, as well as plenty of...

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15Jul10:00 amEST

A Midsummer Chop's Dream

I must say that it seems that more than 2/3 of the battle in trying to emerge from this summer in one piece, so to speak, is in forcing myself to slow down even more than I want to. To be sure, I would love to give Members a constant stream of action in terms of endless trades on a daily basis. And many services do just that in an attempt to...

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14Jul2:53 pmEST

Golden Apathy 07/14/22 {Video}

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14Jul11:16 amEST

Waiting for the Music to Stop

After appearing almost apologetic to taper and then tighten earlier during this inflationary cycle, Fed Chair Jay Powell now seems to be ramping up his rhetoric (and especially his leaks to The Fed's mouthpiece at The Wall Street Journal ) regarding a decidedly hawkish bias until further notice.  Just yesterday, it was leaked that The Fed may...

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13Jul11:00 amEST

A Rough Refueling

It still seems as though it would be a bit too easy for oil and gas to have topped out for this cycle, and I am not ruling out another run to new highs for both oil and gas prices. In fact, I am on the lookout for a resumption of the prior strength, as both crude and natty are strong this morning.  While the bounce in tech and bonds off the...

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12Jul3:38 pmEST

I'm Sorry I Ruined Your Peak Inflation Party

The trend is still up in rates this year, despite how many calls I am seeing for peak inflation already having hit and the inevitability of rates cratering back down.  Thus, headed into a CPI print tomorrow morning where it seems like folks have become far more concerned about a recession than higher rates, I almost feel contrarian in thinking...

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