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. The markets are in rally mode today. The move higher is being led by tech, but it is really broad based as most every industry group is higher. Lately, I have been watching the Regional Bank ETF (KRE) for guidance and that is acting well so far today. After all, the financial stocks are the most important sector to follow since we have a banking crisis on our hands right now.
2. Another very important industry group to follow is the semiconductors (SMH). Today, they are trading higher by over 2% so we must respect that for the moment. This group remains strong despite trading into a lot of resistance. Semiconductor leaders like Nvidia (NVDA and Advanced Micro Devices (AMD) are holding near multi month highs and that is positive for the group.
3. Gold is backing off a little today, but it rallied yesterday. So while gold is overbought it remains strong right now. Please understand, gold is up on fear and often that is when the strongest and fastest moves come in the precious metal.
4. Bitcoin is catching a solid bid today trading higher by 4% to 28,400. This has been very strong lately and should still have more upside in the near term. Unfortunately, the bigger picture outlook has not changed, so enjoy the rally while it lasts.
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