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:
1. Markets are having a tough week since the Monday reversal selloff. Tech has been under pressure the most and that could be the case going forward. As bond yields move higher in the 10-year note more investors flee from the technology sector. Seasonality trends are generally bullish from Thanksgiving to the New Year, but this time around traders will have to be careful and very selective into the end of the year. Perhaps, tapering is tightening after all.
2. Gold and silver have been under heavy selling pressure as the U.S. Dollar Index (DXY) has strengthened. A strong dollar will usually bring commodity prices down as they are all traded in dollars.
3. Earlier today, the Weekly Initial Claims report reported just 199,000 new claims. The expectations were for 265,000 so this was better than expected. While this was the lowest number since November 1969 it does not seem like the market really cares at this time. All eyes are on the current Fed tapering and potential rate hikes down the road.
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