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. CPI comes in at 6.8% for November. in October the CPI was 6.2%. Today’s number was the highest it has been since June 1982. Core CPI was up 4.9% year-over-year, versus 4.6% in October. The bottom line, this was a hot number and it really puts pressure on the Fed. Next week, the Federal Reserve will announce its interest rate policy decision for the United States. They are likely to say that they will accelerate the current $15 billion monthly taper. This is what Chairman Powell said last week when he testified in front of the Senate Banking Committee.
2. Next week is also options expiration for December. That means it is a quarterly expiration which we call quadruple witching options expiration. That is when you have 4-different asset classes expiring. It will usually make for a very choppy and volatile week in many of the popular stocks. As I have said before, look for a lot of game playing by the institutional crowd. It is a period where you can have a lot of rumors (mostly false) and also lots of ridiculous upgrades and down-grades. It’s the real shark week.
3. Bitcoin is really struggling to stay above its 200-day moving average around the 49,000 level. The chart is looking weak and a weekly close below the 52,000 level is problematic for the bitcoin bulls. Nick follows the 4pm close for stocks on Friday to ascertain a weekly closing number.
4. Gold/Silver Gold chart has been weak. Up .5% today. It could easily firm up and we could see a move, but the chart is not a good pattern for either gold and silver. When in doubt follow the charts, if still in doubt.
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