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. President Biden renominates Fed Chairman Jay Powell for another term. This morning, President Biden renominated Fed Chairman Jay Powell to another term. Many investors and traders thought he was going to nominate Lael Brainard to the position as she is very far left. He did nominate Dr. Lael Brainard to serve as Vice Chair of the Board of Governors of the Federal Reserve System. Gold sold off sharply after the announcement as Powell is the more hawkish of the two nominees. Holiday trading week. Euphoria continues.
2. Stocks are in rally mode this morning. The catalyst for the move higher is due to the Jay Powell nomination. Obviously, the stock market is looking at this nomination as a relief choice since Powell is the person in charge of the QE tapering. To his credit he has been able to keep stocks elevated without any panics.
3. Bitcoin has stalled out a bit today, but as long as it stays above the $52,000.00 level it is fine. A close below that key support area would spell real trouble.
4. Gold taking a big hit, down 2 percent. Nick had been warning of a pullback once gold hit 1860 and is now pulling back, as expected. Below $1760 is a key support level.
Click Here to Listen to the Audio
Sign up (on the right side) for the free weekly newsletter.