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.
1. The major stock indexes rallied higher this past Friday and held the gains into the close. This Is a change in character as the past 5 Friday’s have been negative and often big declines. The major stock indexes are starting out a little weak today, but nothing horrible is taking place. Often after a big rally session the next day is more subdued. This Is actually normal and that is saying a lot for what we have seen recently.
2. This Friday is options expiration for May. Traders should be aware that this is often a week of institutional game playing by the institutions. They will often move stocks away from the popular strike prices that expire on Friday.
3. Twitter (TWTR) stock is falling today by over 5.55%. This is telling us that many people are doubting that Elon Musk will likely pull out of the deal to take the company private. As you know, last week he inquired about the number of real accounts that the company actually has. He found from a past quarterly report that there are lots of accounts that are actually bots. So it sounds like that takeover price will be lower or the deal is off.
4. Gold is flat today, but there is a lot of support around the $1785.00 area which was tested earlier this morning.
5. Bitcoin is sitting just below the 30,000 level today. Its still holding above that important 27,000 area that was tested last week, so we shall watch the pattern that develops this week.
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