Never Underestimate the Power of the Election to Undermine the Markets with Nick Santiago (Ep #114)

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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. Initial weekly Jobless Claims were reported this morning, they were 884K vs. 813K expected. The Weekly Continuing Claims was 13.358 million. This was an increase of 93,000 from the previous week. Overall, there was nothing great about this number, but things seem to be steady. If other closed states would open up their economy the jobless numbers would improve much quicker. Unfortunately, politics are in play here.

2. Yesterday, the markets rebounded a bit from the large 3-day decline. At this time, it will be very important to watch the charts. The patterns will tell us what to do going forward. Rally is fading. Remember we’re still in election insanity season. We’ve never seen one like this before.

3. Gold and silver rally fading a little bit. Gold and silver will inflate as the market does. Consolidation continues. The next big break out is going to be a monster. It’s a strong tape. Copper is going way higher. It’s had a tremendous move. Now above $3. Keep copper on the radar. Right now it needs.

4. Dollar is getting close to a bottom. On a montly chart it’s gone down to its 100 month moving average and has held. It may have one more little slip and then it’s a major opportunity. UUP could be the way to go.

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