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 holding firm after a strong gap lower open. Yesterday, the major indexes staged a solid broad based rally. We shall see if they can keep it going into the close today. Often after a big rally we see a more subdued market so that is likely today.
2. Fed Chairman Jay Powell is testifying in front of the Senate Banking Committee. This used to be called the semi-annual Humprey Hawkings testimony. Powell is being asked how he is going to fix the inflation problem that the US consumer is facing. While a lot of the inflation in the US is caused by the Fed’s money printing it is also monetary policy that is a huge problem and that doesn’t seem to have an end in sight. Obviously, energy inflation could be solved rather quickly, but it won’t be.
3. Gold is catching a bid today.
4. Bitcoin is pulling back a little but still trading above the psychological 20,000 level. Could bounce up to 25k to 27.5.
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