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. Today’s Weekly Initial Claims was 1.30 million. The Weekly Continuing Claims was 17.338 million. The prior number was revised to 17.760 million from 18.062 million. So things are improving, but they are still slower than everyone would like. Slight improvement, not a bad sign for the market, it’s climging the wall of worry.
2. Earnings season is underway this week with mostly financial stocks reporting. Tonight, Netflix reports earnings, but next week will be when the bulk of the companies begin to really report earnings. Get ready, it will be a wild reporting season. Netflix is priced for perfection, it’s up a ton. Today it’s down $11. Stay at home stock. It could get slammed. Next week we start getting the big tech companies, hundreds of companies reporting. Tesla came back down to earth. They popped it to drop it. A lot of it is options ex. Look at it after Friday. Pin the tail donkey. Stock is still elevated.
3. Tomorrow is the actual options ex. Dow flat. Nasdaq getting hit along with S&P and Russell 2000. Money coming out of tech. It’s going into other sectors and into industrials. Even Alcoa is up 6%.Retailers were on fire yesterday. Energy also and could have some more to go. Homebuilders are acting very strong. Earnings are coming out soon. ITB ETF is looking very. Good to see the advance broaden.
4. Precious metals taking a breather. Gold futures down, silver futures up. Gold is way up from a year ago. Silver needs to go over $20 and then we’ll see it go. Silver is the only commodity that has not hit a new all time high in the past 40 years. Silver is going to give us a nice entry point. The pattern is a little to high. A slight pullback will be all that’s needed.
5. Taking on the trolls. Nick isn’t a Wall Street shill. Quite the contrary. Nick’s missions has been to explain market movements to investors.
For more info, go to www.InTheMoneyStocks.com.
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