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. Elon takes a 9% stake in Twitter (TWTR). This news is giving the stocks a 20% pop this morning. It’s also helping a lot of the social media names that seem to be trading in sympathy to the stock. Revenge of the Babylon Bee.
2. Tech stocks are rallying higher this morning. There is some weakness in the Dow Jones Industrial Average (DIA), but it is not really much. The S&P 500 Index (SPY is trading higher by 0.20%).
3. Last Friday, the transport index (IYT) tanked lower by nearly 5.0%. They are actually lower again this morning. Railroad stocks and trucking led the decline. When the transports fall from the sky it should make everyone a little cautious.
4. Interest rates going higher and mortgage rate is over 5%.
5. Gold has been trading sideways for the past few weeks in a range. As I have said before, unless there is some type of resolution in Ukraine I have a difficult time seeing gold falling. If there is a peace deal the precious metal should pull back sharply.
6. Bitcoin is holding up well trading around the 46,000 level. On Friday, it finished slightly above its 200-day moving average, so that was a positive. The negative is that it is going onto a ton of daily chart resistance from the month of December 2021.
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