Tech Takes a Break with Nick Santiago (Ep. #42)

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. Yesterday’s rally is a continuation of what we’ve already seen. Market has been hot since the crash. Today Nasdaq is down. Technology stocks are under distribution. The XLK and the QQQ’s are weak and trading lower right out of the gate. This area was the strongest and is now seeing a lot of selling pressure. At this time, it seems that money has rotated out of tech and into the financial stocks and a lot of beaten up retail stocks. Travel stocks have also been strong over the past few sessions.

2. Gold and gold miners are declining again today. This is what should happen from the recent pattern that we have seen. This will lead to another buying opportunity down the road. The action is healthy for the metals. Nick would like a $1625-1650 range, from which it likely go higher.

3. Retail continues to go up. As businesses reopen people will flood to the stores. People will go back and start spending again. Macy’s, Tapestry (Coach), Footlocker and other small beaten down retailers are starting to make their move.

4. Every time we get a Monday rally we get backing and filling and the weekly close is key. Money poured out of the markets in March and now it’s retruning with a vengeance. Money is starting to come out of the Nasdaq and go into other sectors. Market is now worried about potential Trump China sanctions over HK crackdown. Market will shake it off and climb the wall of worry.

5. McDonald’s is looking great. 190 is resistance. Once it clears this point it’s an easy ride into the low 200’s. Travel stocks moved ahead in yesterday’s rally lifting airlines and hotels alike and confirming the rally in that sector.

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