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 major indexes are trading mixed this morning. It looks like tech (QQQ) is catching a bid and most everything else is flat.
2. Energy is under pressure and this has been one of the stronger industry groups recently. Crude broke down yesterday and remains around the $90.00 level today. I would not rule out a little more downside for oil in the near term. This looks like a natural correction and really nothing more than that. The fundamental picture is the best that I can remember in a long time.
3. Natural gas is also backing off a little, but the chart remains very strong and in an uptrend. The only problem with natural gas futures in the near term is that it is still overbought on the large time frames. So some more consolidation is likely needed before another move higher. Electric prices in Europe are getting dangerously high. The bills are astronomical.
4. Gold remains under pressure here as the US Dollar Index tests the $109.00 level again. Gold is still struggling but it looks poised for a bounce soon.
5. Bitcoin is catching a bid today recapturing the 20,000 level. This is still in a big downtrend on the larger time frames, but to its credit it is living to fight another day. As I have said before, I’m expecting a decline down to the 13,500 area soon.
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