Market Going Down Further; Quadruple Options Expiration Next Week with Nick Santiago (Ep #54)

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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 we discuss:

1. Yesterday’s sell off was on heavy volume. At this time, it looks like a pullback from an overbought condition on the charts. Either way, when you get a high volume decline from a high you must respect it. It’s probably a minor pullback. It’s a healthy pulback. Central Bank intervention still going on. 4 day pullback after the high. A little caution.

2. Gold is flat and silver is down 2%. A healthy movement. Have to let markets play out and set up.

3. Vix had a good bounce. Not heading for a record again.

4. Still holding a position in MCD. If it runs where Nick expects it’s going to be a very nice. It’s holding its 100 day moving average. May be stopped out of his remaining position.

5. Negativity is back. A lot of call option buying for next week’s expiration. Took profits on UUP and made 25%. New trade in Pfizer Options.

6. Next week is options expiration. It is a quadruple witching expiration. This means that 4 different asset classes will expire next week. It is also contract rollover time for many futures contracts. For example, the S&P 500 futures contract will move from June to September. Next week is also a time for lots of institutional game playing. Remember, there have been a lot of call options bought recently and the institutions will not let the retail options trader that is playing the expiring contract win on that trade and vice versa.

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