Financial Survival Network, Released on 6/8/20
1. Validity of Job Numbers isn’t relevant. The market is the final arbiter. No one really knows. Sometimes it’s a non-event and sometimes like Friday it isn’t. The ADP job report is much cleaner and accurate. Less incentive to fudge the numbers. Never believe anything government tells you. Bottom line is the market reacts.
2. Peter Schiff’s predictions have been very accurate. But he’s not a trader and he’s been wrong a lot too. No one knows the who story. Those who know don’t say and those who say don’t know. He has no timing aspect with his calls. Great for a longer time perspective. Nick has no bias for up market or down market. Nick tries not to listen and doesn’t even watch CNBC. Ignore opinions and watch the charts. A couple of weeks ago we had horrible news. Everyone was negative. And what happened? The charts were right and the “experts” wrong.
3. Had a great rally on Friday, broadbased. Nasdaq is negative. JP Morgan has gone from $85 to over $100. Russell 2000 is up 1.5% today. Small caps are very strong.
4. Closed out BP call options today for a 22.5% since April. Lots of interesting sector. Waiting for a pullback after Friday’s huge move. Nick’s taking a breather in expectation of a pullback. Nick’s is still watching.
5. Gold and silver up a bit today. Sideways move, which is welcome. Consolidation before new highs. If anything goes up in a straight line the move will shortly be over.
6. Thursday night Q&A’s with Nick’s members. He noticed last week that his members wanted to short. Just because the market is up doesn’t mean it’s time to short.
Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He successfully managed money for a large, affluent private client group. Nick is an expert in Technical Analysis. He is a highly regarded and accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. After applying his knowledge to his client base and meeting his personal monetary goals, he decided it was time to begin teaching those interested in learning his trading and investing methodology. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.com and realize his dream of educating others about the truth of the markets. He now co-heads the education department at InTheMoneyStocks and enlightens thousands of members, along with providing consulting services to hedge funds and institutions.