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 a little. This is typical after a huge rally like we saw yesterday. Often, after a big run markets will need to digest gains and pause if they are to move higher in the next few days. Yesterday, the S&P 500 index (SPY) finally recaptured its 50-day moving average. This Is a key technical level that many traders and investors are watching.
2. Energy is pulling back today with oil trading down by nearly 2%. Crude oil is still above the psychological $100.00 level at $102.40 a barrel. Most leading energy stocks are also pulling back after staging a big move yesterday, but starting to turn around. Energy has been among the best performing groups.
3. Earnings are starting to pour in. Netflix (NFLX) is the big name that reported last night. The stock is trading up by about a buck today after losing nearly a million subscribers. The expectations were for a loss of 2 million subscribers so the report was better than expected. That is how the markets work, it’s about expectations.
4. Gold (GC) is down again as it struggles to get any traction. It remains weak despite the US Dollar pulling back recently. It is oversold, but it has not been able to bounce yet.
5. Bitcoin has been rallying lately. It now sits around the 24,000 area. It still could have some more upside in the near term, but I would not expect a move much above the 28,000 range. Remember, the bigger time-frame trend is still down so the rally is likely on borrowed time.
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