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. Stocks continue to decline from the Friday sell-off. Remember, last week was options expiration for August and that is usually a neutral week as there are usually a lot of institutional game playing going on throughout the week. Now we can get back to real trading.
2. Later this week we hear what Fed Chairman Powell has to say about interest rates, inflation and the economy. He will give a speech on Friday from Jackson Hole, Wyoming. I have a difficult time believing that a lot will happen ahead of that speech. Either way, the rally that began in June is long in the tooth and traders should be selective going forward. Volume trends have been light in August and that must be watched closely. As long as the light volume remains in place it will usually help the markets remain buoyant.
3. Gold is weak again today as the US Dollar rallied and yields hold up near 3% on the 10-year note. I still love gold miners down here and believe gold should move up a bit from here again from the current pattern.
4. Bitcoin is living to fight another day, but caution must be used now as it can break lower at any time. Ultimately, it should trade below the 14,000 level.
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