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. This has been one heck of a volatile trading week so far. Three major bank failures have taken place in the last 7-days in the US and now it could be spreading to Europe. Credit Suisse (CS) is making the headlines today. It looks as if their largest shareholder, Saudi National Bank, said it can’t provide further financial help. The CS chart has been a horrible performer. and it is trading at all time lows. Now we shall soon find out if someone comes to the rescue of the failing institution. Traders will also have to keep an eye on other ket stocks such as Deutsche Bank (DB) and UBS AG (UBS).
2. Ironically, the ECB is meeting tomorrow and they were expected to raise rates by 50 basis points. That rate hike could be off the table now.
3. Just a reminder, this Friday is options expiration . It is a quad witching options expiration which happens at the quarterly expiration. Tomorrow there will be a rebalancing take place in the different indexes so expect a lot of whipsaw action into the end of the week.
4. Gold is up again as the fear trade is alive and well. Gold futures (GC) have a lot of resistance on the charts at 1930 and that is where price is currently. Either way, if the markets become more fearful than gold could move higher I suppose. The precious metal moves in extremes when it runs.
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