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. Earnings Season in full throttle. Last night, SNAP reported earnings that really disappointed the street. The stock is trading lower by 35% to $10.59 a share. Last year in September 2021, this stock traded as high as $83.00 a share, what a difference a year makes. You can now tell this is a much different environment without the central bank’s easy money. Next week, the mega cmap tech stocks like Apple, Amazon & Microsoft report earnings.
2. Bond yields are down sharply again today. The 10-year note yield is down another 13 basis points to 2.78%. The 2-year yield is now down 12 basis points to 2.97%. While these are big drops there is still an inverted yield curve in place between 2’s and 10’s. This is going to be a problem soon for the markets and the economy.
3. Gold is catching a bid from a severe oversold condition. Gold miners are also trading higher. They look very attractive right now.
4. Bitcoin is trading up a little and is sitting right around the 23,300 area. While this could still bounce a bit in the near term the larger time frame pattern is in a down-trend.
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