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 major stock indexes are battling to get into positive territory. Since the start of the week the major indexes have been on the weaker side. The big box retailers are a little soft today. I’m seeing weakness in Lowes (LOW), Home Depot (HD), Target (TGT), WalMart (WMT) and Costco (COST). That is worth noting.
2. Energy stocks are higher today despite oil being flat on the day. This industry group has been very choppy lately. That tells me that opportunities in that group must be selective right now. I still like the natural gas producers at this time.
3. The US Dollar Index (DXY) is pulling back today. That is helping gold today, the precious metal is trading higher by 0.80% this morning. As you know the daily chart of gold was trading into support and that is holding at this time.
4. War in Ukraine and Russia is increasing in intensity. This is usually a positive for precious metals so we will have to continue to monitor the precious metals closely.
5. Bitcoin is strong again today trading higher by 2.0%. The popular crypto currency actually looks fine on the daily chart and may trade higher in the near term. Just remember, the larger time frame chart are still bearish and are signaling another decline down to 11,000. SEC investigates Robinhood for crypto commingling.
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