Oil Takes a Dive with Nick Santiago (Ep #548)
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:
1. The major indexes are trading higher this morning, but we have been in a range since November 20th. Overall, the major indexes are just consolidating and that is not a bad thing after a big run up like we had since October 27th. Share buybacks at record levels and special dividends are on the rise.
2. Oil is down again today. Crude is now trading at $70.75 a barrel. I’m looking for oil to trade down to the $69.00 area. There will be short term support around that area. Most energy stocks are trading lower right now and that will likely continue in the near term. Natgas has been on the weaker side. Nothing goes up in a straight line. Since 10-31 it has gone on a zig-zag pattern looking for a bottom.
3. Financial stocks are catching another bid today. The important Regional Bank ETF (KRE) is trading higher by 2.15%. This is a bullish indication for the overall markets when this trades higher. Nothing terrible happens when the financial stocks are strong.
4. Gold is catching a bid today. It is rebounding after a sharp 2-day sell off. The reversal on Monday was sharp so we must watch gold closely going forward. It is possible to see more downside in the near term. Either way, if you are a longer term investor, gold is going to eventually breakout, but it has not happened yet.
5. Bitcoin is on fire in anticipation of a spot bitcoin ETF being approved by the SEC. Its now getting overbought, but it will likely hold up into the announcement. Traders should be careful of a buy the rumor sell the news event.
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Source: https://www.financialsurvivalnetwork.com/2023/12/oil-takes-a-dive-with-nick-santiago-ep-548/
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