Financial Survival Network, Released on 4/8/21
1. This morning, we have a mixed session, trading is quiet. The tech heavy NASDAQ Composite is the big winner as yields on the 10-year note pullback. The Russell 2000 Index (IWM) is weak again trading lower by 0.58%. The Russell 2000 Index which represents small cap stocks in the United States looks to be lagging the major stock indexes now. This is a very good leading indicator so it should be followed closely. The market will eventually force the Fed’s hand. The froth continues on unabated.
2. Earlier today, we saw an increase in the weekly jobless claims report. Initial claims for the week ending April 3 increased 16,000 to 744,000. You would think this number would have been lower after last Friday’s big job report, but it was not. Oh well, at this time the market does not seem to be focusing on the weekly initial claims report. No one is talking about it, but it’s quite alarming. Let’s see if it’s just a one week blip or a trend.
3. Gold/Silver was under $1700 for the second time, making a classic “W” pattern and it now it’s gained nearly $100 from the bottom. The miners never did the double bottom. The miners started making higher lows, extremely bullish. Nick was right all along since gold made its high in August 2020. Nick made the call on 3-30-21 right here. Base at 1800 and then it keeps going higher to new highs (maybe).
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.