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Full-time stock trader. Follow me here and on 12631

A Robotic Rally


The V-shape rally cometh again, as last week’s lows have led to a sharp rally in the tape ever since.

I have been laying off the short side for a while now, but am looking to get involved tomorrow if I catch a whiff of weakness.

As I will explain in my video market recap after the bell, I do not believe we are out of the woods.

See you there.

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A Quality Gem


ACHN continues to be one of the better charts in a market full of sloppy ones right now, despite the bounce we have seen in recent session.

On further strength, you can consider this heavily-shorted play a long idea for a breakout squeeze higher from the tight price pattern on the daily timeframe, below.

Drop me your top afternoon ideas.



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A Check-Back Into Halloween


On the small cap ETF, this $110/$111 area is the first spot I am strongly considering a short now.

I want to see signs of rejection at this prior support area, in order for me to play for it converting into newfound resistance during this “check-back” by price to a key level.

If I see it, TZA is my vehicle of choice. If I do not, I would take a pass on the trade altogether.



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Five Stocks Ready for Battle Today


Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.



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Better Nugs Needed


Here we have the monthly chart for McDonalds, a major winner since they turns the ship around in 2003.

Recently, however, the business model has slumped again.

Should we see a monthly close below $89 I would consider this chart a major breakdown candidate, with the highlighted light blue lines denoting a busted wedge pattern.

With increased competition and changing consumer tastes, the Golden Arches had better make the right adjustments again.



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Let it Rest


I am not going to force the issue on the short side as long as the small caps and biotechnology stocks continue to show strength and even outperform the market of late. Until that changes, cash is my favored position in this relief rally within an ongoing correction. While the likes of CMG IBM KO are getting pounded, those small caps and biotechs are up 0.88% and 1.5%, respectively. That said, into bounces now I am looking at CMG as a short setup. I also suspect the move in Apple is bound to be faded.

One of the hallmarks of a market correction is seeing a lingering bounce which abruptly rolls over and sets up the next leg down. So, that is one scenario I am mindful of, given the technical damage we have seen.

What are you trading this morning?

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