1. This morning, the major stock indexes are bouncing sharply higher. Today's move is being led by the tech heavy NASDAQ Composite and NASDAQ-100 over 3 percent. Tech has been oversold a bit, so today it is the best performer. It should be noted that tech was down by 2.5% yesterday, so it is only regaining what it lost yesterday. I still think tech heads lower after a short term bounce. Chart recognition is critical now.
2. Last night, the Chinese government ordered the state funds to buy stocks to stem the recent stock rout. This is very problematic because the system is built on confidence not government sponsorship. If the Chinese government is now telling state funds to buy stocks who will have confidence in the system.. It is now just the government that is moving stocks. This is outright dangerous and adds to my theme of 2021. The year of trading dangerously.
3. Gold/Silver nice bounce in gold. Futures up 34. Nick issued the buy recommendation last week. Up 5% GDX and sold half. And let the 2nd half run and run and run. Backing and filling just as Nick expected and here we are.
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.