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 stock indexes are pulling back today. This dip comes as the markets got a little overbought on the daily chart. yesterday, Either way, this is a ‘Whipsaw Wednesday’ which is usually the most choppy session before an options expiration. Often, rallies will be sold and sell-off will see sharp bounces. As I always say, trade only the best chart pattern setups.
2. Target is getting slammed today after reporting earnings. The stock is trading lower by $14.6% to $152.77 a share. This comes as the company reported a slowdown in discretionary spending. The strange thing is that WalMart recently reported strong earnings and a strong outlook. Either way, I think Target will trade lower based on the pattern and move down to the $125 area is likely.
3.Gold is stalling out today. The precious metal has had a great rally recently and if it can consolidate here it can make another move higher.
4. The crypto saga continues with more exchanges going under. The FTX collapse is far from over and looks to be systemic to other crypto firms. Remember the old coach roach theory, if there is 1 there is 1 million. You know I’m looking for Bitcoin to trade below 12K before finding a bottom and that looks to be underway. Today Bitcoin is trading around 16,500.
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