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. It’s fed day and every trader and investor is waiting to hear what the central bank has to say. The Fed is expected to raise rates by 50 basis points, this is baked into the market already. So the verbiage will be what matters. Will Chairman Powell have a hawkish stance or a dovish stance. That is the big question today. Recently, Chairman Powell gave a speech where he said the Fed would raise rates at a slower pace and the markets surged, but we are now below that November 30th high which was the day of the speech.
2. Yesterday was a wild day in the market with the CPI report coming in better than expected. Stocks ripped up before the opening bell but gave most of the rally back right after the opening bell. Remember, this is a quad witch options expiration week and these moves are not uncommon. This is usually a week of institutional game playing. I’d expect more whipsaw into the end of the week.
3. Gold is flat today after making a solid advance earlier this week. I expect gold to reach the 1875 area and then it will be time for a pull back. Remember, precious metals could be in play this afternoon after the Fed announcement.
4. Bitcoin is rallying again today trading around 18,000. This is catching a bid this week, but remember the bigger time-frame is signaling a decline below 12K. Nibble if you must, but do not overstay your welcome. yesterday, there was a hearing in Washington about the FTX collapse. In my opinion, it was just another dog and pony show.
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