MarketChess

11Jun11:32 amEST

It Ain't Just the Regional Banks

Not only are the regional banks, housed in the KRE sector ETF, a lingering issue conveniently ignored by equity and credit bulls alike, but now we have the larger banks weakening alongside them.  Yesterday we saw the KRE act poorly at prior support and largely unnoticed as NVDA, the FOMC, oil, and other topics grabbed headlines. Today we have...

Read More

10Jun11:19 amEST

Literal Diamonds in the Rough

Shares of Diamond Offshore are popping by more than 9% as I write this on the back of a buyout offer from Noble Energy  this morning. Both firms are offshore rig contractors, with NE bigger than DO.  Interestingly, shares of NE are higher, too, which is not the typical arbitrage play in mergers & acquisitions--The acquiring firm usually gets...

Read More

07Jun1:33 pmEST

Afternoon Update 06/07/24 {Video}

Read More

06Jun12:27 pmEST

Everything Works in Cycles

I recently read an article which noted that Automats are on the verge of a comeback  in New York City. It would not surprise me to see laundromats pop up in more volume, too, as washer/dryer units in homes and apartments inevitably break from old age, wear and tear, and during times of inflation coupled with potentially slowing economic...

Read More

05Jun11:04 amEST

I. Was. Front-Running!

In many respects this particular stock market has turned into one, massive, front-running machine. While I understand many will counter that equities have always been a discounting mechanism, which I tend to largely agree with, this regime has featured a nonstop effort to price in any and all bullish outcomes to the extreme max.  Not only have...

Read More

04Jun11:27 amEST

Tough to Make This Connection

You may be surprised to learn that the IWM, ETF for the small cap-led Russell 2000 Index, is currently trading at levels it traded at back in December 2020.  For all of the talk about the epic NVDA bull run, the Magnificent 7 names, as well as the likes of COST building a kind of Tower of Babel off the charts into the sky being equated with...

Read More

03Jun1:16 pmEST

We Salute the Sector, Not the Stock

The NVIDIA-versus-the-world dynamic seems like it is even more at play today, to kick off the new month.  Specifically, as I write this shares of NVDA are higher by 3% while the semiconductor index in the SOX is down by more than 1%. The Dow is down by about 400 points amid a plethora of broad market reversals lower from the open, when it seems...

Read More

31May2:17 pmEST

Afternoon Update 05/31/24 {Video}

Read More

30May1:23 pmEST

Just Don't Slip Up Now

We have a pretty textbook bull flag setup on the GDXJ, ETF for junior miners, as seen on the daily chart, below. Indeed, even with the silver metal coming in today it is quite impressive to see money flowing back into the precious miners after their recent consolidation.  As you can see, the miners have not even suffered a flesh wound on the...

Read More

29May12:28 pmEST

An Oldie But Goodie

Rates are on the move higher again today with the 10-Year Note back over 4.6% as I write this. Without question the many folks who boldly proclaimed rates had topped for the year earlier this month will need to at least pause and reflect on that view, as we noted yesterday that the TNX (Index for Rates on the 10-Year) weekly chart has been...

Read More