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. Markets are stalling today after a big 4 day rally last week. Energy stocks (XLE) are once again very strong today as crude trades up $5.50 to 108.70 a barrel. It really is very difficult to see oil decline very much with the Russia/ Ukraine war continuing.
2. Bond yields are also on the move today. The 10-year US Treasury Note is now around 2.24%, jumping 9 basis points today. Last week, the FOMC raised rates for the first time in 3 years. The central bank said they would raise rates at every meeting this year. Either way, the Federal Reserve is still way behind the curve.
3. Gold and silver have retreated from their recent highs, but as long as this Russia/ Ukraine war takes place The precious metals will likely be range bound in the near term.
4. Crypto is consolidating in a range as well right now. Unfortunately, this is consolidating the lower range of its chart which is slightly negative. The 45,000 level is still strong daily chart resistance right now.
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