1. By the closing bell Monday, all of the major indexes finished sharply negative. Even the Dow Jones Industrial Average (DIA) rolled over after being positive earlier in the session. This is what we call a reversal day for the DJIA. The tech heavy NASDAQ Composite was down 2.5% along with the Russell 2000 Index.
This morning, the major stock indexes all gapped down lower to start the day, but they have bounced off of the morning low at the open. Right now it looks like traders are buying the dip, but it's a long day and a lot can happen by the closing bell.
There is actually some early strength in the steel stocks so far. I'll be watching this industry group closely today.
2. Gold/Silver gold performed well after a weak start. Finished up a point. Gold miners were down at the open but finished positive on the day. Silver had an up day, plus 1%. A good day all around.
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.