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. Markets got through last week’s options expiration unscaved ending basically flat for the week This week we start to get some of the mega cap tech names reporting earnings. Mega cap tech stocks such as $GOOG, $MSFT, $META and $AMZN are scheduled for later this week. On top of that we will see earnings from hundreds of companies.
2. Next Wednesday(May 3rd), the FOMC will make their interest rate policy decision for the US. This is something that the markets are really concerned about. Many investors are expecting the Fed to raise a 1/4 point and pause for the rest of the year. I expect another 1/4 point hike and have no idea what they will say going forward.
3. Energy is the strong industry group today, but this sector remains very choppy lately. Either way, this sector must be watched closely as it has been a place where investors continue to look for upside action.
4. Gold is basically flat today, but it has been pulling back recently. Gold got extremely overbought when the Silicon bank collapse occurred. Traders should now watch for patterns here because it is holding up rather well and not falling sharply. That tells me the banking issue may not be over despite all the central bank intervention.
5. Bitcoin pulled in a bit last week, but remember it was an option expiration week. The daily chart could still have upside but this popular crypto is getting top heavy at this stage of the game.
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