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. All eyes will be on Fed Chairman Jay Powell as he gives his second day of testimony on Capitol Hill. Yesterday, his opening remarks sent the stock market plunging throughout the session. He stated that rates will go higher for longer and that was all the market needed to hear to begin a sharp sell-off. I’m not sure how the market will react today, but yesterday was ugly. The 2-year note yield ended above 5% and that is where the fed funds rate needs to catch up to.
2. Warren Buffett’s Berkshire Hathaway $BRK.B bought another 5,801,791 shares of Occidental Petroleum $OXY. This is in addition to his current stake in the oil giant. I tweeted out earlier that it’s funny that he isn’t investing in windmills.
3. Gold (GLD) got crushed yesterday as the US Dollar Index surged. Today, the US Dollar is stalling a little and gold is upticking. I still believe the US DOllar has much more to go and gold could slump from here. Just remember, the war wild card is always a reason to look at gold. Thyat could be a catalyst for gold to pop early.
4. Silver also dumped out yesterday on the back of the stronger dollar. Today, silver is rebounding a little as it hit a major retrace level. I still think this will ultimately pull back further before it becomes a major buy again.
5. Bitcoin has lost some steam lately. Its still somewhat constructive on the daily chart, but if the pattern breaks down it could be cooked. Remember, the large time-frames are bearish.
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