Rate Cut Rally Continues with Nick Santiago (Ep #552)
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 upticking to start the day. Last week was an important time period for markets as Fed Chairman Jay Powell changed his verbiage on interest rates and was basically dovish. I’m sure this week we will hear the fed heads start to talk hawkish as the markets have run a lot since late October.
2. US Steel (X) is going to be bought by Nippon Steel for $55.00 a share. The stock is trading higher by 26.00% on the news. This is helping a lot of other steel related stocks trade higher in sympathy. CLF, NUE and others are trading higher on the news.
3. OIl is catching a big bid today. Attacks on ships in the Red Sea raised concerns of oil supply disruptions. BP and other oil firms said it has temporarily paused all transits through the Red Sea. Ironically, last week the chart gave us a buy signal in crude. Full disclosure, I own the USO.
4. Gold is holding up today trading higher by 0.20%. Last week, gold caught a huge bid after the FOMC announcement. Now it will be all about the pattern that is formed over the next week or two.
5. Bitcoin is trading down by 1% today, but it is still in a trading range just above the $40K level. I think it is going to be range bound until the news of the stop bitcoin ETF is released.
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Source: https://www.financialsurvivalnetwork.com/2023/12/rate-cut-rally-continues-with-nick-santiago-ep-552/
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