MarketChess
Showing articles 5911 - 5920 (6599 total)
25Mar2:11 pmEST
The Claws Are Ready
I remain short GILD with minor profit cushion on my entry, playing for that 200-day moving average (yellow line on daily chart, below) to eventually succumb to selling pressure after buyers have tried to defend it for quite some time now. As a general rule in technical analysis, the more well-defined support is probed, the more likely it is to...
25Mar1:27 pmEST
Long in the Tooth Rails; Chess Moves
I just went short Canadian Pacific, CP, at $184.49 with a cover-stop over $195, playing the recent weakness in the rails and transports. CP has been a monster, multi-year winner. However, like most other transports and especially rails of late, the rally is showing signs of being long in the tooth. On the zoomed-out daily chart, below, for...
25Mar12:29 pmEST
Moving Quickly with My Courtship; Chess Moves
I sold 1/3 of my long FAZ position at $12.41 from my posted $11.97 entry yesterday to scale gains. As I posted yesterday here , I was courting the financials for a move lower after the XLF ETF failed to break over $24.60 in recent weeks. And if top component Berkshire Hathaway breaks down further I expect even more financial weakness, which...
25Mar11:54 amEST
I Go for the Gourmet Setups; Chess Moves
After playing the initial move off recent lows and selling into strength late-last week, I just went long coffee again, via the $JO ETN, at $25.02 with a stop-loss below $24. I am playing for 20-day moving average, denoted by the orange line on the JO daily chart below, to now hold as support to cement an initial higher low. To be sure, coffee...
25Mar11:26 amEST
Not-So-Cool Runnings
Crude oil is grinding higher and should be running above its $16.80 breakout point on the USO ETF, seen first below on the 30-minute timeframe. I would only consider a DWTI (triple-short crude) if price falls back under that level on the ETF. Otherwise, crude looks to be simply grinding higher, not particularly exciting to longs playing for a...
25Mar10:38 amEST
Trim Those Buns of Steel; Chess Moves
I sold half of my X long here at $25.40 from the $24.24 entry on Monday to scale partial gains. I also moved my stop-loss up to my entry to protect the position. As you can see on the updated daily chart, U.S. Steel is hitting up through its upper Bollinger Band after good action this week. The stock is now short-term overbought and at a good...
24Mar4:35 pmEST
Stock Market Recap 03/24/15 {Video}
The following video contains coverage of relevant broad market issues (for equities) in addition to plenty of actionable trading ideas across other asset classes. Feel free to pick and choose which ideas and parts of the analysis fit your style. Always properly manage your downside portfolio risk for any trades taken. Enjoy tonight's...
24Mar3:28 pmEST
Simon Says Pay Attention to Me
It is worth noting that the REIT Simon Property Group, presented below on the daily timeframe, is not only the top holding in the IYR (commercial real estate sector ETF), but is also a top ten holding in the XLF (sector ETF for the financials). Simon has been on a tear higher for years now, obviously helping IYR and XLF along the way. It is,...
24Mar2:33 pmEST
The Last Temptation of Rotation
With my X steel long acting well today, the issue of rotation down from biotechs and other extended, leading parts of the market down to select materials and commodities is still viable. In addition to the resilience in the precious metals and miners in recent sessions, we know copper and the global materials miners are trying to pick up some...
24Mar1:35 pmEST
Courting the Financials; Chess Moves
In addition to top XLF component Berkshire Hathaway flashing weakness today (seen below on daily chart threatening descending triangle breakdown), large banks such as BAC C JPM are also weak. In addition, the major credit card players are lagging the tape. Thus, I am taking a shot on the short side against the sector as a whole. I went long...
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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.
