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. Markets are coming under pressure after the increase in COVID 19 cases. I believe the markets need a breather after such a big run up since March 23, 2020 low, so sometimes the market needs a reason to take profits and the media needs to tell us why. Down down over 400, Nasdaq down over 100. Profit taking coming out of every sector. Since June 8th we’ve just gone sideways.
2. Yesterday, there were some high flyers in tech that are getting very extended and could put in some possible topping patterns soon. So it will be important to see if money gets distributed into other sectors like it did last month. Tech has been the clear winner since the rally started as the NASDAQ is actually making new all time highs on a daily basis.
3. Gold up slightly, silver down, overall good sideways action, the ultimate buy signal is down the road a while. It’s waiting on the basing pattern. Gold has been resilient.
4. No buy signal on the VIX yet. So fear is predominant emotion. Still trading at elevated ranges. Probably the case for most of the year.
5. Nick takes a question from Mark M regarding the 5 year Dow chart. Nick says we’ve already had the crash. Are you looking at a daily, monthly, quarterly or yearly chart? You need to look at all timeframes. Also look at charts for different markets and sectors. One chart does not tell the story.
For more info, go to www.InTheMoneyStocks.com.
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