Another Bad Jobs Number with Nick Santiago (Ep. #19)

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. Weekly jobless claims were 4.42 million. This is another bad number, but the market already new it was coming. Again, if the economy starts to open up this number will drop fast. The key is to get the economy going again. Four more states are opening up. Will we follow Georgia’s example.

2. Oil has rallied since the May contract sell off into expiration earlier this week. Oil is still weak, but if this virus passes it will start to move up higher. Fill those gas tanks now. China and India have been.

3. Hotel stocks are still on my radar, but they are going to report earnings soon. I’m waiting until after the earnings announcements to enter them. My favorites are H, HLT and CHH.

4. Reits particularly Vornado making good chart patterns. Same with hotel stocks, but their earnings are coming out shortly so better to step aside and wait to see earnings and resulting chart patterns.

5. People will start traveling again. Just look at Jacksonville, FL and the beach reopening and they were packed. A good indicator that things will resume very quickly.

6. Reading charts if the stock market is doing well, the incumbent will win. NASDAQ is flat for the year. S&P 12%, DOW down 17% and Russell 2000 is 27%.

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