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. The S&P 500 Index is testing its September highs. In the short term this market is overbought and due for a little consolidation before moving higher. Overall, it has been an amazing October rally and there could be more to go in the near term. Taper is a dream.
2. Earnings season is in full gear now. There are a couple of big tech blowups today. One is Snap Inc (SNAP). This stock is falling by 23% this morning. Then we are seeing Intel (INTC) dropping by 6.1%. This news is not really hurting tech too much but next week is when we get the mega cap tech stocks reporting.
3. Gold (GLD) and silver (SLV) looked like they were going to have a very strong today, but have rolled over. A repeat of October 8. Lots of games. Chart pattern not broken. Gold up $4.50 and silver up slightly.
4. Bitcoin pulling back slightly, just over $60k. Overbought after the huge ETF announcement. Definitely in pullback mode.
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