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. Today is ‘Whipsaw Wednesday’ and this is usually the most choppy session of the week before options expiration Friday. Rallies will often fade and sell-offs will usually recover with big bounces. Get ready for a day of chop. So far, this week’s action in the market looks to be just a lot of options expiration related action and game playing by the institutional crowd.
2. Gold (GLD) and silver (SLV) are both rebounding today from yesterday’s decline. Right now, the precious metals are holding up well and more range bound consolidation will signal another move higher. At the moment, gold is still into its resistance area. Silver trading back above its neckline, which is highly positive.
3. Visa (V) is down over 5% on news that Amazon.com (AMZN) will stop accepting Visa credit cards in the UK next year due to high transaction fees. This is important because this could start to happen elsewhere and begin a new trend. MasterCard (MA) is also down in sympathy. A sign of Amazon’s pricing power.
4. Bitcoin coming under some pressure now. It made a big move, tried to get to 70k and now it has pulled back. It appears to be a natural consolidation. If it loses 52k, trouble could be ahead.
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