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 holiday is over and the markets are coming under a little selling pressure this morning. Last week’s light trading volume favored upside and that is what we saw. This week we are seeing some weakness in tech, energy and some retails stocks.
2. Surprisingly enough the leading Chinese ADR’s are catching a bid despite protests in China over their zero-covid policy. Stocks such as BAAB, JD and BIDU are all trading higher. I would not expect this, but that is often how the markets work. They will do the opposite of what most of us would think.
3. Oil and most energy stocks are under pressure this morning. We are being told energy is down because of the China zero-covid policy so we shall see where this finishes the session. I’m starting to get interested in oil at these levels.
4. Gold is down a touch today. Either way, gold is holding up fine and could be setting up for another move higher.
5. Bitcoin is a bit on the weak side this morning. It is still trading above the 16K level but ultimately should head lower as the large time frame chart is signaling a move down to 11,700. If you are nibbling on Bitcoin be careful to not overstay your welcome.
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