from Daily Market Wisdom with Nick Santiago
For more than 20 years, Master Trader Nick Santiago has been beating the markets. He’s made some incredible calls along the way and now he’s looking to spread the word. There’s no reason that the average trader should be coming up short. So now we’ve started a daily show to bring you up to date on the latest market developments. Nick will be sharing trades and concepts and discussing current trends. Today we discuss:
1. Lots of negative chatter this week during options expiration. Yesterday, we heard that Senator Lindsey Graham introduced a bill to put sanctions on China. Then later, California said they will keep LA and SFO closed for 3 more months. Then we had Bill Gates’ puppet Anthony Fauci testify in front of a Senate panel. He mentioned and gave a plug to Moderna (MRNA) a few times during that testimony. He was also down beat and very defensive. Then Senator Rand Paul told him, you’re not the end all. Now today, we have the famous Hedge Fund manager, Stan Druckenmiller, get totally negative and saying, the risk-reward for equities is maybe as bad as I’ve seen it in my career. There was just a ton of negative news this week. Even the Boeing CEO said yesterday that he sees a major U.S. airline going under. WOW! this is coming from a guy that has seen it’s stock down by more than 50%. If anyone should fail maybe it’s Boeing. But they will be bailed out and he knows it.
2. Gold is heading sideways in a somewhat trendless market that appears to be ready to go higher. It needs to digest and consolidate and this could very well happen in the summer. The higher an equity gets, the greater the advances, ie Apple/Amazon. Gold is in the same camp now. When the moves happen they’re fast and furious.
3. Weekly initial claims report coming out tomorrow, but expect a dire number. Next week will be more important.
4. In Nick’s opinion, this is typical of what we get during an options expiration week.
5. There is a major head & shoulders top pattern that is testing the neckline on an hourly chart today. This pattern is also on the daily chart, so it will need to be monitored closely. If this pattern triggers it says the $SPY will trade down to the $270.00 level.
For more info, go to www.InTheMoneyStocks.com.
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