Chess Moves

Showing articles 21 - 40 (188 total)

06Apr12:50 pmEST

What's LUV Got to Do with This Rally; Chess Moves

With many airlines and transports in general selling off despite the broad market rally, I am going to take more advantage of it.  I just covered another piece of my LUV short here at $41.13. My initial entry was last week at $43.44, followed by my $42.94 add. I took partial profits this morning, but now the stock is sinking even lower.  I...

06Apr11:44 amEST

A Sultry Move in Gold; Chess Moves

I just sold down another piece of of NUGT long at $11.85 from my $10.31 entry last week to scale profits. NUGT is the triple-levered long ETF derived from the GDX, ETF for the senior gold miners.  I had previously scaled part of the position into initial strength late-last week, and I am now down to 1/3 of my core position size. The original...

06Apr10:21 amEST

Taking Advantage of Turbulence; Chess Moves

After adding to the short on Thursday, I just covered half of my LUV short at $41.77 to scale gains. My initial entry was last week here  at $43.44, followed by my $42.94 add. I also moved my cover-stop down to my original entry price ($43.44).  The current position now equates to roughly 3% of my portfolio capital.  As you know, shorting...

02Apr2:58 pmEST

LUV This Position Short Time; Chess Moves

I decided to add to my open LUV short here, at $42.94, from my initial entry yesterday  at $43.44. My cover-stop remains above $45 on a closing basis.  Southwest Airlines is showing more signs of being a bit sluggish after a breathtakingly steep multi-year uptrend. Regardless of how oil acts from here (a clear input for airlines), I am...

02Apr1:25 pmEST

Closing Out Two Modest Wins; Chess Moves

While not too dramatic, the short biotech trades I put on this week did the trick.  Into the long weekend, I will flatten out and potentially look to hop back in next week, if the situation is correct.  Thus, I sold the remainder of my BIS long (ultra-short biotech sector ETF) just above $35 from my $34.11 entry to lock in the rest of that...

02Apr12:05 pmEST

Another Few Laps at Adult Swim; Chess Moves

I went long UGAZ at $2.42 with a protective stop-loss below $2.20.  UGAZ is the triple-levered long ETF for natural gas, derived from UNG, the straight-up natty ETF. I have been fortunate to lock in some big wins in UGAZ this year, notably in February, despite the steep downtrend natty has been--As I have noted before some of the best rallies...

01Apr3:41 pmEST

Chess Move Into the Bell

I sold the DWTI day-trade long here at $115.25 from earlier $112.38 entry. I will not swing short crude oil here overnight, but rather look to hop back in only if there is any downside traction tomorrow.  Overall, partial profits in GILD IBB NUGT made for good trading, as I sold my equity long JUNO X yesterday and locked in those wins.  See you...

01Apr2:38 pmEST

A Quick Southwest Flight Heading South; Chess Moves

I just went short LUV, Southwest Airlines, at $43.44 with a protective cover-stop above $45 on a closing basis.  LUV has enjoyed a magnificent multi-year uptrend, unaffected by its steepness. But as the daily chart, below, indicates, the stock has gone sideways since late-January. Ultimately, for my short to work the stock likely needs to lose...

01Apr1:47 pmEST

More Intraday Action; Chess Moves

I just sold another piece of my long NUGT here at $10.81 from earlier $10.31 entry, in order to scale some fast intraday gains since my purchase earlier. I am now down to 1/2 size of original position, still with a stop-loss below $9.70. I also went long DWTI at $112.38 with a stop below $105 for a likely day-trade , shorting crude oil...

01Apr12:44 pmEST

Battlefield Tactics; Chess Moves

I just sold 1/3 of my earlier NUGT long here at $10.69 from earlier $10.31 entry. I am just taking some quick, partial gains for the sake of discipline in a fast-moving instrument.  As for the overall trade setup, it is still very much intact.  Specifically, the GDX, ETF for the senior gold miners, below on the daily chart, shows a potential...

01Apr11:56 amEST

Back in the Gold Game; Chess Moves

I went long NUGT at $10.31 with a protective stop-loss below $9.70.  NUGT is the triple-long gold miner ETF.  As I mentioned in my last blog post, gold miners are impressive today, including the likes of ABX. There re many potential double-bottoms in the space, to the point where I am taking a shot at another tradable bounce, of which there...

01Apr10:41 amEST

Taking Partial Profits; Chess Moves

Into this morning weakness, I took partial profits in two of my bearish biotechnology positions.  I sold half of my BIS long at $36.05 from my $34.11 entry posted yesterday, trailing up a mental stop-loss to my entry price to protect gains.  I also covered half of my GILD short at $95.99 from my core $100.46 entry and 98.92 add, trailing...

31Mar3:29 pmEST

How Textbook is Too Textbook; Chess Moves

I went long BIS at $34.11 with a stop-loss below $32. BIS is the ultra-short ETF for the biotechnology sector. As we all know, shorting biotechs has been as tough as bet as it gets, with the resilience of the sector's bull run overpowering any apparent sign of an imminent correction.  Still, the action in the major biotechs like CELG and GILD...

31Mar2:45 pmEST

Winners Stay Winners; Chess Moves

With today's market sluggishness, I am still not too keen on pressing longs here.  As a result, I am focused on not letting winners turn into losers.  I had previously scaled profits at higher levels in my JUNO and X longs. But with this afternoon's weakness I am electing to sell out of the remainder of both positions to protect wins on the...

31Mar2:00 pmEST

Betting on the Credit Card Thesis; Chess Moves

I went short MasterCard, MA, at $87.02 with a protective cover-stop above $93 on a closing basis.  For a while now, I have been bearish on financials due to their underperformance and even the mighty credit card plays, despite how impressive their rallies have been on a multi-year basis. But with chinks in the armor seen in credit card plays...

31Mar12:23 pmEST

Adding to a Position; Chess Moves

I added to my GILD short position just now, at $98.92, after my core $100.46 entry early last week here .  On the updated daily chart, below, I am simply pressing for the 200-day moving average breakdown (yellow line), and the base breakdown (light blue line).  My cover-stop is still above $105.  Earnings are scheduled for April...

31Mar11:32 amEST

A Quick Drink from the Cup; Chess Moves

I just sold off 1/3 of my long JUNO position here, at $64.30 from the $60.42 entry I noted yesterday in this blog post .  I also moved my stop-loss up to my entry price in order to protect the winning position.  JUNO is clearing the cup-and-handle setup we have been discussing, but it is running hot in a sluggish tape.  So, taking some...

30Mar3:11 pmEST

Long Schillinger in Juno Terms; Chess Moves

I went long JUNO at $60.42 with a protective stop-loss below $56.  The hot biotech, which IPO'd late-last year, has been working through what can be deemed a bullish cup and handle formation, seen on the daily chart, below. I am betting that the key $62 level breakout will occur this week, highlighted in light blue, up and out of the "handle,"...

30Mar10:39 amEST

A Cleansing Ritual; Chess Moves

This morning's gap higher in the market into end of month and end of quarter is enough to compel me to defend some open winning positions as well as cut away some of the laggards in my portfolio.  First and foremost, the long coffee or JO ETN trade did not pan out immediately as I expected, and with JO sitting under $24, my stop-loss area, I...

27Mar2:55 pmEST

Not Assuming Anything; Chess Moves

I went long ERY at $20.97 with a protective stop-loss below $20, playing for the energy sector bear market to resume via this triple-bear ETF.  Many traders and value seekers seem to be assuming that crude and energy stocks have bottomed. As I have stated before, a long, sloppy, sideways range for crude and the XLE (energy sector ETF from which...

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