Summer Doldrums Taking Hold with Nick Santiago (Ep #101)

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. Retail stocks have been in focus this week. Target and Lowes earnings released. Target reaction was pretty good. Lowes up $2. Big box retailers are doing well and money is flowing into them. TJX is down $4. Stock is getting hit hard today

2. Markets today are up across the board. Nasdaq not so much, but it’s had a big run this week. Russell 2000 is strong. Could mean money flowing into other sectors. Retail, airlines financials and some base metals. Pharma is up a little today. Cautiously bullish for now, until something indicates otherwise. JP Morgan up $1.50. LUV up .95 along with other airlines. Pass the potato.

3. Gold and silver taking a breather today. Zig zag or ABC move. Nick was on Yahoo Finance talking about gold. He’s calling for $4000-$5000 gold in 2024-2025. $2718 is resistance and then there’s no ceiling. Silver has broken out from a lower end level. It’s broken out from the March lows and could have a far larger expansion than gold. We could be talking $100 silver in 2024-25. The tree does not grow to the sky. What goes parabolic will come crashing down, at least for a while. The markets always seek to frustrate the majority of parties.

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