1. This morning the major market indexes are starting out a little on the weaker side and selling started to amplify. The trading volumes have picked up which is bearish as witnessed by declining indexes. Russell 2k is pulling back by 1.7%. Nasdaq has rolled over. S&P 500 Spiders down. Volume trends have picked up. Could have something to do with options ex. 100mm shares can be significant. Will the PPT come to the rescue. When time is up, time is up.
Today, is options expiration for the month of January. There has definitely been some whipsaw in many individual stocks this week as expected. I'm always glad to be done with the institutional game playing that goes on every month.
CNBC were roaring bulls this morning, look where it got them.
Nick gave up looking at retail sales a long time ago.
2. JP Morgan (JPM) kicked off earnings season today. So next week we will start to get flooded with earnings announcements. Always be careful holding stocks into earnings as anything can happen after they report.
3. Gold/Silver movements today fit the thesis of options ex. Nick believes we're gonna hit 1700 in gold. It's working off the parabolic move. Nick's not into cup and handle guy. No one can tell when the pattern actually happens until after it's move. Let the market guide you by knowing the patterns.
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.