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. Markets are under pressure again this morning. Lately, we are seeing a lot of weak Mondays and then markets seem to rally back. Everyone is now waiting on the FOMC meeting next week to really get a sense of what Fed Chair Jay Powell is looking to do going forward. In my opinion, this is still a bear market rally and there are lots of major hurdles ahead.
2. Oil is holding up well today after the EU announced Russian price caps. Meanwhile nat gas is getting hit hard after the EU lowered its gas demand by 25% according to the FT. I’m hoping nat gas pulls back a little more as it should be setting up for another buying opportunity.
3. Precious metals are pulling back today. Silver is trading down by over 3% today. This was really due after the major run that silver has had recently. Again, I’m going to be patient here looking for another pattern to enter silver again.
4. Bitcoin is flat today, so there could be some more choppy around down here. I still believe there will be more shoes to drop from the FTX collapse so be careful with crypto here. As you know, Bitcoin should fall below 12k and possibly down to 11K.
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