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. Markets try to rebound from yesterday’s bloodbath decline. Today, stocks are catching a bid after getting slaughtered yesterday. Yesterday’s decline was led lower by the tech heavy NASDAQ Composite and NASDAQ-100. The semiconductor sector (SMH) was hit particularly hard. This important industry group carries a lot of weight in the market and I view it as the most important group in tech. Yesterday was a 90 percent day, 90% of the issues were down. Semi conductors need to be followed. More money rotation out of tech. Cloud-software also was pounded yesterday as well. This is also a big industry group now and must be followed closely. Tech looks very top heavy right now and I would avoid this area of the market for longer term trades. Spydr’s closed just above 100 day moving average. Beware if they take out 428.6. They’re okay for now but tech is under big selling pressure.
2. Precious metals are getting clobbered today. Silver is trading down the most, falling by 4.0%. The silver chart is very ugly right now and I will have to see how it looks by the end of the week.
3. Bitcoin/Cryptos are still living to fight another day. Still above pyschological levels. 40,000 is the number to watch for Bitcoin.
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