Dip’em to Flip’em with Nick Santiago (Ep. #34)

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 +2.981 million new claims. Again this poor number was expected. Next weeks numbers will be more important since it will reflectthe opening of many different states.

2. Yesterday we triggered a bearish head and shoulders pattern on the SPY daily chart. This bearish pattern takes downt to around the 270.00 area. Currently the SPY is trading around 279.00 this morning. If this pattern fails it will usually lead to a big move in the other direction. So traders will have to watch this really closely.

3. Options expiration for May is tomorrow. This is often a time of shifting markets, so this weeks action is really not a surprise as many leading stocks such as Apple and other leading tech names were up a ton. The institutional traders are not going to let stocks appreciate if there are an overwhelming number of call options in the money bought by the retail options trader by this expiration.

4. Gold very strong up another $25. Silver up to $16.05 on the June contract. Silver is Nick’s favorite play. Chart is looking good. Oil is up over $1 today as the economy starts reopens.

5. The governors are playing with fire. The prospects of a global depression become more and more likely with their irresponsible actions. For the sake of mankind we’ve got to get back to work. Florida and Georgia have proven that reopening is the wisest move. The politics have to end.

For more info, go to www.InTheMoneyStocks.com.

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