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. Markets are mixed this morning. The Dow Jones Industrial Average is higher by 0.65%, meanwhile the tech heavy NASDAQ Composite is lower by 1.0%. I’m always sceptical and cautious when the DJIA shows leadership. Either, nothing has changed despite the Fed’s chatter of a possible pivot after this next rate hike on November 2nd. Chinese large caps are getting hammered today. $BABA, JD, BIDU and others are down after president Xi gets reelected. China also has another lockdown going on in a major city. I also believe the economic data was weak this weekend as well.
2. Energy seems to be the strong industry group to start the week. Oil is basically flat, the leading energy stocks are gaining ground. Natural gas (NG) is finally catching a bid today as it was beaten up ast week during options expiration. Full disclosure: I own UNG and UNG call options.
3. Gold is slumping a little today. As you know, gold can bounce here but a major bottom is still down the road a bit.
4. Bitcoin is upticking a little today. It is trading around 19,260. This is still chopping around right now, but ultimately it is going lower.
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