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. The Weekly Initial Claims upticked to 1.416 million. Last we we saw the Weekly Initial Claims at 1.30 million. The Weekly Continuing Claims declined a little to 16.197 million from a revised count of 17.304 million. Either way, there is still a lot to do to get these numbers to improve. $600 per week bonus ends shortly. New package will eliminate or reduce this “bonus.”
2. Earnings season is in full force now. It will last a couple more weeks, so traders must be on guard if you are going to hold a stock into an earnings report. This is something that I just do not do. In my opinion, it is gambling when you hold a stock intro an earnings report. I never know how the market will react to any report. Microsoft is down on higher earnings. Be careful trading stocks releasing earnings reports. It’s a gamble.
3. Gold and Silver: Gold is up and silver is down. Silver has had an amazing run. Gold is up another $17. They’ll probably continue to climb a little higher. Nick missed this move, but this is one move of many to come. We’ll play a reconstituted chart. Natural support of silver is around $20. Let’s see how they come back. Unusual for gold and silver diverge, but it does happen often. Gold is less than 5% below its 2011 high, but let’s see. If gold pulls back now and consolidate, it could be the start of a big move. Big players can trigger major moves in silver, thank you Eric Silver. More people will start playing the game. Silver has been an under performer since 2011. The chart patterns talk to you.
4. Tesla reported earnings and it’s been a rollcoaster ride. Joining the S&P 500 will be force mandatory buying by fund managers and it could go highers.
5. Inflation is right around the corner. It’s happening with copper and oil. Copper is just in its beginning stages. Good sideways consolidation. Watch the patterns on the copper producers. Wait for the pullback. The consensus is wrong as usual. Let the chart be your guide. Follow the money.
For more info, go to www.InTheMoneyStocks.com.
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