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 down across the board. Started out with a Nasdaq sell-off. And we’ve pulled back more. It’s coming under distribution. It’s up 16 percent for the year, so a pullback isn’t really surprising. It’s a healthy move. We’ll see how the rest of the indicies fare. Intel reported bad earnings. Tesla is down to 1400’s. Tesla could be another buy the rumor and sell the news stock. For now it’s dead money.
2. Energy is slightly negative. A few of the refineries are up. Not a bad day for energy relative to the broader markets. Homebuilders are up mostly. They’re overextended. Some retailers trading higher. A lot of flat sectors. Most of the ones that we follow. Tech is taking a little bit of a hit. Financials are mixed.
3. Gold has now gone parabolic. Everyone is expecting it to exceed the old highs. Everyone is usually wrong. It’s over bought. Gold and silver could be due for a pullback. They’re not as crazy as Tesla yet, but they’re getting there. A $50 to $100 an ounce pullback. Sideways is good for a new consolidation.
4. Volume light, which could mean that this is just light pullback.
For more info, go to www.InTheMoneyStocks.com.
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