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 is the final trading day before the Thanksgiving Day holiday. Volume trends have been extremely light this week and that should be the case going into Friday. Rarely, do we look for any major decline ahead of a major holiday.
2. Oil has been very volatile this week. Apparently, the EU is looking to impose price caps on Russian oil. I really do not know how that is going to go over, but these people act like they know what they are doing. Today, crude oil is trading lower by 3.0%. So expect the unexpected. On the flip side, Nat gas is soaring here in the US today trading higher by 10% on the session. EU energy ministers are meeting tomorrow to discuss the price cap proposal.
3. Gold is flat today, but it looks like it is consolidating for another potential push higher. so the bullish chart pattern is still intact.
4. Bitcoin futures are catching a bid today trading higher by 2.0% to 15,900. Remember, nothing goes down in a straight line so bounces will always occur. The bigger picture signals a move below 12K ultimately. So if you are a nibbler here you may want to keep that in mind. Down 77% and is below every moving average. Bearish consolidation. More to go on the downside. FTX story still coming out.
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