So Goes California, So Goes the Market with Nick Santiago

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. Markets reverse sharply lower yesterday afternoon after California Governor Newsom closed indoor businesses. This news sent the markets tumbling late in the session yesterday. Remember, the state of California is the 5th largest economy in the world. This type of thing happens every options expiration.

2. Bank earnings are starting to be reported. Earlier today, JPM, WFC and C all reported earnings. I really don’t care what the company says, but the reaction in the stock is what matters. The financial stocks have been market laggards since June 8th, 2020. JPM and Goldman are the most important names to watch in the sector. Nick is looking

3. Gold and Silver flat day in gold and silver in futures and spot is higher. Nick responds to a troll and points out that he’s well up on Gold and Silver so far this year on the GDX and SLV.

4. Russell 2000 up and money is flowing from the Nasdaq into energy. Refiners are up and oil services are up 4%. Consumer goods stocks are seeing money flowing in. Telecoms are up. Retail stocks are also catching a bid. CAT is up 3%, John Deere up and Honeywell also up. You need to take a broad stance.

5. July volume hasn’t been sluggish so far. No summer doldrums yet. It’s going to be a very volatile high volume year. Anytime you see a sell-off on high volume it’s time to be wary. If it’s at a new high then look for a follow-through.

For more info, go to www.InTheMoneyStocks.com.

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