MarketChess
Showing articles 5981 - 5990 (6599 total)
13Mar1:11 pmEST
Pier to Somewhere or Nowhere
Below you will find a 10-minute chart of the SPY, actively-traded ETF for the S&P 500 Index. After some heavy selling this morning, buyers are trying for a bounce into the afternoon. To my eye, the purple lines could easily denote a bear flag, simply setting up more weakness into the end of week. $205.20 looks to be a short-term battleground...
13Mar11:53 amEST
Jumping to the Other Side
Below I present the AmEx weekly chart, a name I went short earlier this morning. Note the major confirmed top, targeting the low-$60's. I do not believe the recent bounce qualifies as evidence of a false breakdown, or bear trap. Instead, the most basic interpretation of the chart is the AmEx is jumping from bull to bear after multi-year run,...
13Mar11:07 amEST
This Trade is a Contender Now; Chess Moves
I just went short AXP at $80.07 with a cover-stop over $84 on a daily closing basis. This position equates to roughly 4% of my portfolio capital. AmEx is a name I have charted extensively as a bearish confirmed top for a while now. And after a snapback rally I am simply playing for that top to continue to force the issue lower. I will present...
12Mar4:28 pmEST
Stock Market Recap 03/12/15 {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...
12Mar3:44 pmEST
Long Gogo Into the Bell; Chess Moves
Into the closing bell, I went long GOGO at $19.93 for a daily chart bull flag/short squeeze breakout. My stop-loss is under $19. GOGO is a heavily-shorted stock, and for good reason--The in-flight WiFi firm was smashed after is IPO last year. But not it may be trying to come back to life. And the daily chart indicates as much, with a bull...
12Mar3:15 pmEST
Covering Up Some Late-Winter Laggards; Chess Moves
Staying true to my word, I am going to ditch a few of my holdings in order to either lock in wins, prevent winners from turning into losers, or keep losses small. Specifically, I covered my CMG short at $669.64 from my entry of $660.16 for a loss. I would rather step aside here than risk the name drifting up on me without a profit cushion....
12Mar2:18 pmEST
Shifting Gears; Chess Moves
I covered the rest of my FB short, just now at $78.78 from my $80.19 posted entry and rolled that money over to a new TSLA short at $190.88. I had previously scaled half of the FB short here at $77.88 . While FB may just be getting started in terms of rolling over, I am seeing more relative weakness today out of TSLA. And I know I can always...
12Mar1:11 pmEST
Intel's Long-Term Overhead Supply: You Can't Stop What's Coming
As is inevitable in an unstoppable bull market, you hear nonstop theories as to why old-fashioned technical analysis "no longer works," as was said at the 2000 and 2007 peaks as well, not to mention in 1987, even in the trough of the 2002/3 and 2008/9 bears. One popular declaration is that long-term overhead supply (or likely resistance which...
12Mar12:18 pmEST
Symmetry Worth Observing
Headed into the east coast lunch hour, the S&P 500 Index is coming to terms with prior resistance from Tuesday morning's gap down in the market. Specifically, on the SPY, actively-traded ETF for the S&P, we can see as much on the 30-minute chart below. $206.80, just above, acted as resistance thus far today. Headed into the afternoon, I am...
12Mar11:40 amEST
Keep an Eye Out for Barnes and These Other Ideas
Starting with Barnes (B) on the first daily chart, below, here are a few actionable long setups on the radar if today marks the beginning of a broad market rally. I still have my doubts as to whether we are going to imminently sprint back to new highs from here. But it is always important to be open-minded and prepared to shift gears in a New...
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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.
