MarketChess

14Jan1:37 pmEST

Chess Gives His Assessment of the Current Market Structure

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14Jan12:39 pmEST

More Scaling and Trailing Winners; Chess Moves

Picking off some quick wins here and there, I covered half of my Visa short just now at $254.84 from the $260.30 entry I noted in this blog post . I trailed down my stop to my entry price on the short. Visa is essentially back down its lower Bollinger Band and short-term oversold, which is why I am scaling some gains here. Overall, the...

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14Jan11:45 amEST

Probe the Prober; Chess Moves

A general rule in technical analysis is that the more times a well-defined price area or trend is probed, the more likely it is to eventually give way as that level inherently loses its luster. In many respects, it is a self-fufilling prophecy as many seem to be watching the same thing. So, it is a well-defined support trendline is lost, then...

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14Jan10:49 amEST

The Cult of Amazon Has Turned Into Shuffleboard Players in Boca Raton

The chart for Amazon.com has been the poster child for this market lackluster leadership of late, in terms of the marquee issues in the Nasdaq sporting their glaring underperformance. While it is certainly true that many healthcare and biotechnology issues have given a spirited effort to pick up the slack, in the end these marquee names (AMZN...

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14Jan10:09 amEST

Electric Slide Lower; Chess Moves

I just covered half of my TSLA short at $192.22 from my posted entry at $206.55 which can be found here, from last week. The stock is gapping down on some bad news last evening. But I believe it was ripe to come in anyway due to lower oil and previous upside momentum now in danger of going over the other side of the mountain. I moved my...

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13Jan4:55 pmEST

Stock Market Recap 01/13/15 {Video}

PLEASE NOTE: The audio for tonight's video may be a bit weak. I apologize for any inconvenience and am working to fix it as soon as possible. Thank you.  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...

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13Jan3:42 pmEST

Into the Bell Adjustments; Chess Moves

I sold final piece of my TVIX long at $3.32 here instead of swinging it, from $3.00 entry posted earlier today. I am all out of volatility plays for now. I am also holding onto the other piece of my levered silver long, after taking partial profits this morning, due to the intraday consolidation seen on the SLV chart, below. Note the orderly...

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13Jan3:08 pmEST

Two Overlooked Charts Today

First, copper is also basically crashing, just as oil has been, to little fanfare. The first chart, below, of the daily timeframe for the cooper ETN indicates as much. Although "Dr. Copper" has not been a good market tell since about 2010, the violence of the selling is something worth noting, and another reason to not get too complacent...

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13Jan2:10 pmEST

Going After the Napoleon Complex; Chess Moves

First and foremost, I peeled off most of my TVIX long at $3.18, then $3.31 (announced on Stocktwits.com) from my $3.00 posted entry. I will let the final piece run in case volatility pops again tomorrow. Next, I went long TZA, the triple-levered short ETF for the Russell 2000 Index. The small caps house many biotechnology stocks, too. And the...

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13Jan1:35 pmEST

More Sniper Action; Chess Moves

Picking off moves here and there, I went long TVIX for a volatility trade at $3, with a stop-loss below $2.85. I may very well just day-trade this volatile volatility instrument, depending on how we close today. In addition, I stopped out of the final small piece of my JNUG long above $38, from the prior $35.59 entry to lock in the rest of...

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