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:
First a happy and a healthy New Year to all of you out there. 2023 is going to be a year of danger and opportunity. As usual, we start the year out with another amazing call by Master-Trader Nick Santiago. Several weeks ago, when $TSLA was trading around $170, Nick made the seemingly absurd call that it was heading down to $110. Well he was off a little when the stock hit $105 yesterday.
1. It’s 2023 and the markets are acting exactly the same as 2022. Traders are seeing a lot of choppiness and whipsaw and that is likely the theme throughout the rest of the year. It is going to be a traders market and as I have said before, if you cannot read charts it will be very challenging. In bear markets you better be a chartist or really lucky. Honestly, I do not believe in luck.
2. Tesla $TSLA has been the story stock over the past few weeks. It was not that long ago that I said the stock would drop to $110.00. I think the downside is ending now and a likely bounce is possible now. Next call, after a bounce Apple $AAPL will be a $95 stock. $MSFT will hit $190. Short run we’ll get a January effect.
3. Gold is strong again this morning. I’ve been saying that that gold should reach $1875 and that got close today. Remember, the upside is limited for gold now, but it’s been a great run. Silver has been resilient. I’m also looking for a pullback soon to get back into another silver play for a long pull.
4. Bitcoin is hanging in there today trading around 16,800. As you know this still has lower to go before it begins to look attractive. There could be some bounces down here, but until it rached 11,300 I do not see a bottom.
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