On Nick's radar today:
1. Earnings season has begun with earnings from JPM, JNJ, and WFC. Earnings season will continue for the next 4 to 5 weeks. Nick doesn't think the numbers will matter much due to the recent shutdown. Tomorrow we get more financial stocks reporting such as Goldman Sachs, Bank of America, Charles Schwab, Citibank, PNC, U.S. bancorp & United health. Earnings season is very cloudy and very bad. JPM is backing off and Nick believes it's a potential buy within the next week and believes it could it hit $110. He's looking for an additional pullback. JPM is the leader of the pack. Goldman's earnings are due out tomorrow and it's looking good on the chart. Could pop to $205.
2. Oil is trading lower again this morning. It will be important to watch the pattern this week for a possible setup. It's been weak since the OPEC cut and crude has been down. It has not given a buy signal yet. When it does Nick will be on the long side. Interesting pattern with small risk and large potential gain. Look for it to hit $30 and then $36.
3. Gold is in an uptrend, but it is extended at this stage. Nick thinks it needs to pull back at his point of the game. For today silver is up 4%. It's chart is looking very strong and has increased gradually. The real test is $17.50 to $18.00. Then it's on to $20 and then the mid $20's.
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.