Quiet Summer Fridays with Nick Santiago (Ep #107)

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. Quiet friday, markets are up. Volume light. They’re all in the Hamptons now. End of August. Last Friday. Labor is on 9-7-20. End of the week. Markets are up. Broad based move overall. Weakness in biotech and select names. Financials are not required to move the markets, but it would help. Markets have rallied up without the financials. JP Morgan at $102, up way up from low but no longer near it’s high. If the financials could lead it would be a positive. Housing remains very strong. Homebuilders are at or near highs. Need to consolidate. No new money for them at this point. Overbought.

2. Took some profits yesterday. Charles Schwab and TBT, bet on higher yields. Letting those stocks. Nick is calling for higher rates. The market will decide when rates go higher. Not screaming higher, but much higher than now.

3. Gold and silver going higher again. Zig zag pattern down to get in. Sell-off yesterday and now it’s up $48 on the future. Gold/Silver up 2.5%. The higher the price of gold gets, the bigger the moves that will come. Could happen on the downside too, but overall they’re heading higher. Consolidations don’t have a set duration. Test candles are extremely bullish.

4. This coming week should be light volume with pre-holiday session.

For more info, go to InTheMoneyStocks.com.

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