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. Microsoft (MSFT) and Alphabet (GOOG) drop after earnings. Both mega-cap names are falling sharply this morning. MSFT & GOOG are both falling by 7% on the session.
2. Surprisingly enough, the major stock indexes are holding up very well today despite the decline in MSFT and GOOG. This should tell everyone that the market is bigger than any one stock. The Russell 2000 Index (IWM) is trading higher by 0.70%. The Dow Jones Industrial Average is also higher by 0.50%. This tells me that the market participants are looking forward to the FOMC announcement next week. As you know, last week the Wall Street Journal reported that the central bank would look at slowing down interest rate increases after this next meeting. This coming meeting the Fed is expected to raise rates by 75 basis points.
3. Gold is catching a decent pop today trading higher by 1.0%. Silver is also pretty strong today as well. Silver is still my favorite play right now.
4. Bitcoin is catching a bid today trading back above the psychological 20K level. There is a lot of talk that wealthy Chinese residents are putting money into crypto after president Xi’s reelection. I thought crypto was banned in China, so I will have to look more into that story.
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