1. Meme stocks retreat. Many of the leading meme runners are stalling out this morning and are beginning to pull back. Yesterday's big winner was Clover Health Investments Corp (CLOV). Today, this gapped up to $28.85 a share and has rolled over and trades just above $22.00 now. Wendys Company (WEN) was another big meme winner yesterday, but today that has dropped lower by 6.5%. What stock will be the next meme play is really anyone's guess. Short term positive, long-term negative. Spacs are picking up again.
2. Bitcoin was defended after testing the 200-day moving average yesterday. That is a key support area that must hold. A break below that level on a weekly chart close will be extremely bearish for the popular crypto currency. My downside projection is for a move to 21,000. Beware of conferences, they usually happen when the peak has been made.
3. Gold/Silver both metals pretty flat today.
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.