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. The economy is starting to open up more and more, but it is really due to the people demanding it. Some of these governors want to keep things closed and its for political reasons. The markets are recovering and so is the economy. The roads are getting busy again and people are going back to work.
2. Traders and investors should keep an eye on the Russell 2000 Index. This is starting to show strength recently. It has been lagging since 2018 and is finally coming alive. If the Russell 2000 Index starts to lead markets higher it is the start of very bullish action to come. Right now it is just showing signs of strength, but worth keeping an eye on. Some of our largest advances come when the Russell 2000 leads the market.
3. Gold and Silver are rising. Gold is flat today. Silver is heading to 18.5 to 19. It’s time for the metals to take a breather. Better to consolidate than to go parabolic. 1750 resistance point in gold is extremely important. Look back to October 2012, the high was just shy of 1800. That was the last peak and people are holding on to the physical since then. When it gets close people are selling to break even. Distribution hits. If Gold absorbs the distribution it’s showing new money is coming into the sector. $1923 is the all time high and will be the next resistance point. Silver is where the action is going to be. It hasn’t made a new high since 1980. The next move will take us to a new high.
4. Oil inventories were drawn down 5mm barrels. EIA petroleum data. 2nd week in a row for a draw down. Gasoline is flat. $33 upside target. McDonalds has a very powerful chart. Hotels are still looking very good.
For more info, go to www.InTheMoneyStocks.com.
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