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. Fed Chairman Powell pulls it off at Jackson Hole… Federal Reserve Chairman Jay Powell keeps the markets alive with his dovish stance during his Jackson Hole Speech this past Friday. Stocks staged a pretty decent broad based rally. While the volume was light it did pick up a little and that should help markets in the near term. Mixed tape today. Dow flat, S&P and Nasdaq up. Russell down a touch.
2. This is the final trading week ahead of the Labor Day holiday. This is usually going to be a very lightly traded market. Many traders will usually take off before the end of the week to enjoy the final summer holiday. Volume and trading is expected to pick up after the Labor Day holiday.
3. Lights out in New Orleans, storm was less severe than anticipated.
4. Gold and silver made a strong move last Friday. Near term, more upside should be expected. Full disclosure: Nick owns SLV shares. Silver had a great day on Friday. $24 is resistance. Giving back some of the gains today.
5. Bitcoin in a major sideways pattern, it’s not negative. Big resistance level at 50k. Will it give up the 50 percent retrace. Now it’s consolidating.
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