Oil Under $100 with Nick Santiago (Ep #414)

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 another big week of earnings. Last week, the mega-cap tech names reported and the market rallied on the back of them despite most of the number being weak. This is what happens when expectations are so low. This week we have over 130 S&P 500 companies reporting so it should be important.

2. This is the first day of August. Often, money will come into the market to start the month. Today, markets are stalling after the big rally that we saw last week. This market is getting overbought at this time.

3. Oil is selling off today along with most of the leading energy stocks. I think oil is in correction mode here, but any decline into the low $80.00 range is a buying opportunity. This may not get down there tomorrow, but traders should keep this level on their radar.

4. Gold is slightly higher this morning, but nothing earth shattering.

5. Bitcoin is trading down by 2% to 23,500. It tried to make a move last week, but has retreated today.

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