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. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steve Mnuchin are going to testify in front of the Seante Banking Committee. That is the big news today. I do not think they are going to say anything that we have not heard already, but things are already political and you never kinow what can happen during these hearings. Chairman Powell was just on 60 minutes this past Sunday and he already said thatthe central bank can still do more as far as monetary policy.
2. Generally, after a big rally like we saw yesterday the markets will pause or even pullback slightly in the next session (today). Yesterday, was a 90% up day, meaning that when so many stocks and indexes are up that much they will usually stall out for the next day or so.
3. Gold and silver are still very strong. They are both long in the tooth and somewhat extended, but the rally in the precious metals is firmly intact. Nick exited his silver position last week after a major move. Nick is hoping for a pullback and then will re-enter. The pattern is looking good on all the metals. Remember, never chase a trade!
4. Highs are in for crude. Considering we were at negative $40 and now we’re over $30. Upside was $33 and we’ve hit it. Now we have to look closely at the pattern. Airlines are starting to see heavier bookings and less cancellations. It could go into the mid $40 range. It’s moving way quicker than Nick ever thought.
5. Hotels are stalling out after a large move yesterday. Hyatt will look good after a pullback. The sector looks good. Restaurants bottomed before the market on March 18 and have had a big run. Currently holding McDonalds. Online portals for restaurants have taken off.
6. No shorts right now. VIX has been going lower. Will probably go lower. It’s a spike index. We’re still above $20 so there’s volatility ahead. Most of the market gurus are negative. When we have no worry that’s the time worry. When you train your brain to be a trader you’re always a contrarian. Entry points are very important. Nick follows the chart parameters and that give him the time to buy.
For more info, go to www.InTheMoneyStocks.com.
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