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. Earlier today, the real GDP reportedly decreased at a 1.6% annual rate in the first quarter. This was expected so there were no surprises here. For me, I do not care so much about any of these numbers, I care about the stock market’s reaction. Yesterday, the markets had a sharp decline after a one week rally and today they are bouncing a bit after a weak start to the session. Several central bank leaders including Fed Chairman Jay Powell are speaking at an ECB conference. So far, I have not heard anything unexpected.
2. Gold is slightly negative after starting the day in positive territory. I will say, the gold mining chart is weak lately and I never like to see the miners lag the metal itself. Either way, the gold pattern is still holding right now.
3. Bitcoin is still trading around the psychological 20,000 level. The trend here is down, but as long as it holds this key support it lives to fight another day. In the big picture, it should fall lower to around the 14,000 level, but that could take some time.
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