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 were rallying higher this morning after the non-farm payroll report. Non-farm payrolls increased by 315,000 jobs in August. I believe analysts were looking for 318,000 new jobs. So this was basically in line with expectations. The unemployment rate climbed to 3.7% and this seems to be what the market is excited about. This number was slightly higher than expected (two-tenths higher). I think it is ridiculous, but the markets are thinking the Federal Reserve might slow down or pivot due to the slight increase in unemployment. You have to laugh. Bad news is good news now for stocks. But then around 3pm everything unraveled.
2. The rally was broad based and the pullback was broadbased, volume surprised on upside, ordinarily it should be very light ahead of the Labor Day holiday, but not today.
3. Gold is finally catching a bid today. As you know it has been struggling recently.
4. Bitcoin lives to fight another day trading higher by nearly 3%. It is now back above the psychological 20,000 level. Either way, this has been weak and looks very bearish on the larger time-frame charts.
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