MarketChess

07Oct10:54 amEST

In Need of an Oil Change This Fall

Although not perfectly correlated, it sure seems as though U.S. equities largely begin to act in trepidation with each swoon in crude oil. Gauging the USO, ETF for "black gold," below on the daily timeframe, we can see a reasonable correlation in recent months with equites in terms of each period where volatility increased in stocks with abrupt...

Read More

04Oct11:45 amEST

Hot Sector Update 10/04/19 {Video}

Read More

03Oct5:54 pmEST

Stock Market Recap 10/03/19 {Video}

The following video is a brief, condensed version of the Stock Market Recap which I present each evening to members of Market Chess Subscription Services. In the longer version, I offer tons of actionable trade ideas, educational content, and in-depth objective analysis across all markets. If you enjoy my videos and blog posts, then please...

Read More

03Oct10:58 amEST

ISM Sending Out an SOS

Alternate Title: "We're All Economists Now" Surprisingly weak non-manufacturing ISM data this morning sent stocks sharply lower after what was a modest opening bounce. Clearly, the recent chorus of recession calls seems to be taking its toll on a market increasingly sensitive to economic data. While it remains to be seen if future data,...

Read More

02Oct3:18 pmEST

Small, Big

It is difficult to overstate just how significant of a must-hold area the small caps are currently probing.  On the way down, there were several spots we flagged which bulls would have preferred seen hold valiantly. But that is a much different scenario than a price area on IWM (ETF for the small-cap Russell 2000 Index) which simply must...

Read More

02Oct11:11 amEST

Catch and No Release

Biotechnology stocks, gauging the IBB and XBI sector ETFs, have been weak for a while now, even before growth stocks and then the major indices began to buckle of late.  Thus, even as the Dow is off by 400 points here, when we see XBI flipping green this morning after its latest dive lower on unusually heavy sell volume for a week and a half...

Read More

01Oct3:29 pmEST

So Close You Can Almost Taste It

Quick note into the bell here as the Nasdaq tries to offset small cap damage today: Note how exhausted the U.S. Dollar looks today, clearly short-term overbought on the UUP ETF daily chart (UUP is simply the U.S. Dollar versus a basket of developed economies' currencies).  As you know, the Dollar and gold often have an inverse relationship, but...

Read More

01Oct11:07 amEST

Manufactured Chop

Weak ISM manufacturing data figures to have been the culprit to reverse a strong open in the IWM as well as the market at-large this morning. As I write this, the small caps are now slightly in the red on the day, setting up another test of mettle in terms of whether dip-buyers have the gumption to step back into what remains a notably choppy...

Read More

30Sep2:59 pmEST

A Gold Top? Maybe. Maybe Not. Maybe Go to the Weekly Chart

Recent strength in the U.S. Dollar has coincided with a sharp pullback in the precious metals and mining complex, which should not be all that surprising considering the run the sector has had, by and large, since around Memorial Day.  Still, once GDX (ETF for the senior gold miners, on its daily and weekly charts, respectively below) lost the...

Read More

30Sep10:32 amEST

In Need of a Magic Boost

It remains to be seen whether Wall Street will adhere to its old adage to, "Sell Rosh Hashanah, Buy Yom Kippur," this year, something we fleshed out in more detail for Members over the weekend. But with a modest bounce going this morning as I write this, the third quarter of trading may very well go out with a whimper today after seemingly...

Read More