How Low Will it Go, and for How Long? with Nick Santiago (Ep #63)

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. Nasdaq new high and now pulling back now along with the other indexes. Market has had an amazing run and is now pulling back.

2. Virus expands and that’s rattling the market. It’s probably a false blip among younger people and we won’t see much lasting results or a second shut down.

3. A lot of opportunties in the sectors we’ve been following. Housing is pulling back. They’ve had great runs but KB Homes just had bad earnings. Hotels are on the radar and have had a nice pullback, getting for setup. Airlines Nick is holding off. They never got down to his retrace level. Delta is showing some strength. Domestic routes are bouncing back. I have the insider track from a flight attendant at Spirit Airlines. The charts will tell us. Always watch for stocks that hold up in down markets. Relative strength. Restaurants are pulling back. MCD pulling back. Nick was stopped out of his second half of MCD. $170 vicinity. YUM Brands looking good.

4. PFE we are holding tight. It’s pulled back with most Pharma names. Weekly chart still looks good. Now it’s $32. Could easily get back to recent high at $38-39.

5. It’s a traders market right now. Watch the charts and turn off the news. Gold is just going sideways. Upper end of the channel. We could end up with a new all-time monthly high for June. Nick’s hoping for more consolidation. It’s had an amazing run.

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