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. These markets are like the old weeble wobbles toys, they wobble but they don’t fall down. That is what seems to be what is going on right now. This is still an options expiration week and traders should still remain on guard. Last week’s high volume decline has not been exceeded yet. So far markets are holding up well. The reality is we’re above all the moving averages and that indicates that markets are heading higher.
2. May Retail Sales +17.7% vs +9.0%, May Retail Sales Ex-Auto +12.4% vs +5.2%. Means more bullish sentiment. You can question the numbers, but they are definitely a mood enhancer. These are better than expected numbers, but the market was already sharply higher in the overnight futures market. Some say it is due to an infrastructure bill by President Trump. I really do not believe that was the reason. The reason is likely that the central bank is now buying corporate bonds which was announced yesterday afternoon.
3. Gold and silver recouped most of their losses yesterday, which is very bullish. Longer consolidation period ahead. Watch the pattern.
4. Trading off your high is bullish depending upon where you’re coming from. Volume is always important.
For more info, go to www.InTheMoneyStocks.com.
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