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. Every market participant is waiting to hear from Fed Chairman Jay Powell. He will be giving a speech at 1:30 pm ET today on inflation and employment. This will be his final speech before the December 14th FOMC meeting. As you know, the current fed funds rate is at 3.75%. Chairman Powell has been very hawkish lately and many investors are hoping to see if he pivots and reverses his hawkish stance. As I have said before, the Fed needs the fed funds rate to be at or slightly above the 2-year note yield. Right now the 2-year note is at 4.54%. So they are still behind the curve so to speak.
2. Energy is strong again today with oil trading higher by 3.0%. WTI Crude is back above $80.00 a barrel. There continues to be talks about capping Russian oil prices, but this has not been finalized. From my viewpoint, it is difficult to see oil fall much from here. This is still a world that runs on oil. Alternate energy is still not ready for prime-time yet.
3. Gold is trading higher by a little today. This could be in play after the Jay Powell speech today, so stay tuned. At this time, gold looks solid on the charts and could be setting up for more upside in the near term.
4. Silver is acting very well trading higher by 1.65%. That chart looks solid right now and more upside should follow soon.
5. Bitcoin is catching a bid today. It is trading around 16,500 area. While this is holding up now, remember the larger time frame indicates a move below the 12,000 level.
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