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.
1. Markets are pulling back today. The decline comes after this Friday’s job report was released. The number was very hot with 517K new jobs announced. This hot number has investors thinking that the Fed needs to continue raising rates. In fact, yields have jumped higher on Friday and again are higher today. Obviously, the markets was pricing in a dowvish fed and that could be off the table now.
2. Today, most sectpors are weak with the exception of the defense contractors such as Lockheed Martin (LMT), Nortrop Grumman (NOC) and Ratheon (RTX). These stocks obviously benefit from the escalation in Russia and Ukraine. You also have chatter that the US will possible try and take some type of action against China for the spy balloon incident, so that has a bid in these stocks today.
3. Gold is ticking up a little today, but it was slammed last Thursday and Friday. I’m still in the camp that gold needs to retreat further along with silver in the near term.
4. Bitcoin is also retreating today after its recent monster run.
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