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 trading higher to start the day. Today’s close will be very important when the markets are up this high. I never like gap higher opens when markets are close to breaking out. Often, the gap higher open can lead to a gap and crap pattern. So far, that is not the case today. Nasdaq is down, where will the money go? Is it fleeing or going to other sectors.
2. Oil is ripping to the upside. Crude (Sept) futures are now trading at $42.36 a barrel. Energy stocks are looking strong today and that is a market positive right now. The pattern on crude still suggests higher prices are likely. Great bullish consolidation pattern that will eventually go to $55. If the airlines start flying again that would really cause it to go up.
3. Gold and Silver Silver is up 6% and broke $20 on the spot and $21.50 on futures, which is a key point. Nick is hoping for a pullback here. Tremendous move in all the metals. We may be do for a consolidation move. That would be the ideal. The miners are showing leadership.
4. Copper is the play this year. It’s exploded to the upside. Right now it’s over bought but it will consolidate and move much higher.
5. Hotels had been pulling back, today they had a pop. Need to see more of a pattern. Airlines still wobbly. They’ve been in a choppy range. Have been in a range since June. Home-builders are retreating slightly. They’ve been very strong and if there’s a pullback they’ll be a buy.
6. We’re in the first phase of a commodity inflation cycle. People will want to hold hard assets. They’re all starting to go up. A lot of money has been printed by the Fed, the ECB and Japan. It’s happening all over the world.
For more info, go to www.InTheMoneyStocks.com.
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