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:
1. Market rebound after last week’s options expiration decline.All of the major stock indexes are rebounding higher today recovering from last week’s slight drop. This is typical price action from what we have seen this year. It seems that every time we see a sharp market decline everyone gets bearish very quickly. This leads to a short squeeze rally and that is what this looks like today. There will come a day when the markets will rebel.
2. Oil is reversing higher after an 8 week pullback. Crude prices have been steadily declining since early july. Today, oil is trading higher by nearly 5%. Energy stocks $XLE $XOP $OIH are also strong today helping the markets move higher. It topped out on July 6. It’s having a monster surge.
3. Bitcoin got a bood bid today. It lives to fight another day. Resistance ahead. 50k is a whole round number.
4. Gold/Silver it’s a nice move but the miners are still lagging the metals. Never a sign of strength. Silver also catching a nice bid. 2% move. The pattern on ag is better than au, silver is taking leadership.
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