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. The markets are struggling again today after the Friday plunge. As you know, the Dow Jones Industrial Average (DJIA) plunged by more than 1000 points last Friday. It was a broad based decline and really nothing was spared in the sell-off.
2. Today, there is some strength in energy (XLE, XOP OIH) which is a decent percentage of the S&P 500 Index. If energy was lower it would certainly hurt the markets much more. Precious metals are also slightly positive today as money seems to be moving into hard assets.
3. Gold is catching a bid today trading higher by 0.5%. I think precious metals look poised to catch a bid here. I won GDX Newmont Mining and some call options on other gold stocks. I like the group here.
4. Bitcoin is testing the 20,000 level again. As you all know by now, the larger time-frame is in a down-trend. The projection to the downside should take Bitcoin down to below 14,000. I know I have stated this before, but nothing has changed.
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