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. This is a big week for markets. Wednesday will be the release of the CPI report. This last time this report came out it led to new 52-week lows for markets. Earnings season also begins this week with $JPM $MS & $TSM scheduled to report later this week. It’s also options ex for July on Friday. As you know, there will be a lot of institutional game playing all week into the expiration. Traders should watch for rumors, ridiculous upgrades and downgrades and often off the wall news.
2. Casinos in Macau have been shut down once again in response to a coronavirus outbreak. Obviously, the leading casino stocks such as WYNN, LVS and MGM are trading lower, but there is also a lot of weakness in many of the leading Chinese ADRs. This is a global economy to some extent and a closure can affect other parts of the world these days.
3. Gold is a little soft today, but nothing terrible. It is a bit oversold, butthe chart is weak. The strength in the US Dollar Index (DXY) has certainly but pressure on gold lately. Today the DXY is making a new multi year high.
4. Bitcoin is trading lower by 2.2%. It is still holding the psychological 20,000 level. So there is some chance of minor bounces, but remember the bigger picture trend is down and my target if for a move below 14,000.
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