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. Stocks had a tough September – The markets have had a rough September. Almost every day over the past two weeks the market gave up their early gains. This is the running theme now especially for the tech sector. Remember, tech stocks are generally weak in a rising interest rate environment. This is a Friday, so in the past this year most Friday’s will get defended. I call this the ‘Friday Effect’. Many traders and investors are expecting the markets to continue lower as a correction seems to be underway. So trade cautiously, but I think there is a good chance of a bounce today.
2. Cryptos are catching a big bid higher today. I’m not sure of the catalyst that is lifting them, but it never breached that important 40,000 support level. Either way, it lives to fight another day and is acting well today. Remember September 7th. Sideways consolidation is needed to break 50k and get out of the bearish pattern it has been in.
3. It was announced earlier today that Merch (MRK) has a new therapeutic for late stage covid that is effective. This is not good news for the vaccine makers like Moderna (MRNA) and Biontech (BNTX). This new drug is expected to receive emergency use authorization by the FDA.
4. Gold/Silver Both gold and silver were down 9/29 and yesterday caught a monster bid and they’re both heading higher. Nick owns $SLV. Very good move.
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