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 now getting a bit euphoric at this stage of the game. While the major stock indexes can stay higher than most people think it is worth being a little cautious right now. Next Monday is Labor Day in the United States, so trading volume should be light until then. Light volume usually is favorable for a flat to upside market. Very rarely do we see any major downside in light volume environments. Dow is heading for another record but headwinds are ahead. Dow has had an 11,500 point range. If the market can broaden out this movement can continue. Money going into energy and banking now. As usual the experts are wrong.
2. The cloud software stocks have been the hot industry group lately. They ran after Salesforce.com (CRM) earnings and again after Zoom Video (ZM yesterday. Today, the cloud software stocks are really coming off of those highs with a vengeance. Again, when stocks go parabolic they will decline sharply when the buyers get exhausted. The hot money is leaving, could see a reversal ahead. You need to be cautious with them. Apple and Tesla are both down today. Not dead in the water. Late money to the party gets left in the dust.
3. Gold and silver take a breather. Gold futures down $33. Getting zig zag pattern. Entry point is coming. Mining stocks are down across the board. Newmont and Agnico are both down. But they’ve had tremendous moves.
For more info, go to InTheMoneyStocks.com.
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