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. It was a rough week for technology. The NASDAQ Composite lost nearly 700 points this week. There are lots of tech names that are now in bear markets. Today, the Dow Jones Industrial Average (DIA) held up the best with a decline of just 40.00 points.
2. The financial stocks are starting to show major weakness and if that sector goes there are bigger problems on the horizon. This week, every rally has been sold and that is another red flag for this bull market.
3. Gold caught a bid today, but it has also been very weak recently. Gold needs to firm up on the charts before I could get bullish in the near term. So today was a start.
4. Bitcoin sold off today trading down by 6% to 53,500. Remember, the key bitcoin level is 52,000. As long as it stays above that it lives to fight another day. A weekly close below that level is a very negative indication for the popular crypto.
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