Friday, December 9, 2016
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
8,862 Blog Posts

Flexible Enough to Weather this Market

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Unless you have backed yourself into a corner with a perma-anything thesis, it is a good idea to respect the downside rejection that occurred on Monday afternoon. When looking for trading setups, the idea is to hone in on those stocks who have weathered this volatile market over the past few months, including a crash (for all intents and purposes).

I discussed the stunning relative strength in REXX last week, and it continues to consolidate its major breakout very well. Today, I was also impressed with the breakout in MXIM from month-long resistance. Note how in both cases the price action illustrates that prior resistance is turning into current support. If the bulls are for real this time, these types of setups are where I want to put my money.

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16 comments

  1. Prometheus

    having a rising wedge over here

  2. redman59

    Good…charts
    Better..narrative
    Best…..the picture

    Overall, well done on this one Chess

  3. FullonRetard

    I’m sorry bro. I would give an educated comment, because, between Fly, you, and Scott, I think you guys are the shit, but this pix, with this broad on a brown stone has me….. well, I am beyond words. I think I’m in love.

  4. ecchymosis

    It’s worth reading your blog just for the pictures – the market commentary is a bonus.

  5. RC

    great thread, love the pic.

  6. Mad_Scientist

    I knew it as soon as I saw the title! Nice selection.

    • Mad_Scientist

      Is this a friend of yours or is there some stockpile of internet photos you select from?

      • chessNwine

        wouldn’t you love to know?

        • gregoryj

          cNw – My wife has officially barred me from your blog b/c of your pics … she says ‘go ahead w/that Fly character, but stay away from that Checkers guy, I don’t trust you spending ‘time’ with him’. Appreciate all your hard work – later.

  7. Lurker

    God…. Damn…. *picks up jaw*

  8. Vidya Karnam

    Chess:

    Would you mind doing your take on $SOX Index. It has been showing strength over the past week. Thanks