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.
In our final episode:
1. Google, MSFT and AMD are leading the headlines today. They are all dropping after reporting earnings. Alphabet (GOOG) is the biggest loser falling by nearly 6.0%. This news is weighing on the NASDAQ which is trading lower by 1.17%. Like I said last week, these stocks are all priced for perfection after the recent run up. On Thursday, AAPL, AMZN and META are all scheduled to report after the closing bell.
2. Regional banks are coming under some selling pressure today as well. The Regional bank ETF (KRE) is trading lower by 3.85%. This comes after New York Community Bank (NYCB) earnings. That stock is trading lower by 36%.
3. Later today, the FOMC decision will be at 2:00 ET, followed by Fed Chair Powell’s press conference at 2:30pm ET. The Fed is expected to keep rates unchanged.
4. Gold is having a good day trading higher by 1.0%. Everytime gold looks like it is going to rollover it catches a bid. This chart must be watched like a hawk right now. The breakout does not happen until you get a monthly chart close above $2100. Either way, the trend is still up and that is important.
5. Bitcoin is pulling back today after staging a 1-week bounce. If anyone bought bitcoin at the recent low I would put a top loss at break-even now and protect that trade. It is still possible to trade higher, but if a lower high is made the recent lows could be retested.
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