Now It’s Oil for Nothing with Nick Santiago (Ep. #17)

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. June crude (CL-M20) futures are plunging today. Yesterday, May crude went negative for the first time ever. The producers would pay you to take the crude from them. Of course this is only for commercial traders that can actually take possession. Once the economy opens up again. oil will catch a bid and a big bid. (Nick is sticking to October 16 USO $5 calls. They are actually down very little considering what’s happened to the futures)

2. Schumer says he believes the coronavirus relief bill will pass today. We shall see, the politicians said this all weekend long, but this time its coming from the head democrat.

3. States such as Georgia and Tennesee are starting to reopen for business. Other places will begin shortly. This is going to start to happen and it will begin to inspire other states to reopen as well.

4. GDX setting up for the next buy. It’s currently consolidating. There’s another trade there coming up soon. Gold futures are doing the same thing. Remember they hit an overnight high of $1788, so they were due for a pullback and consolidation before the next move higher.

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