The Rally is Over with Nick Santiago
Financial Survival Network, Released on 8/29/21
1. The markets are struggling again today after the Friday plunge. As you know, the Dow Jones Industrial Average (DJIA) plunged by more than 1000 points last Friday. It was a broad based decline and really nothing was spared in the sell-off.
Today, there is some strength in energy (XLE, XOP OIH) which is a decent percentage of the S&P 500 Index. If energy was lower it would certainly hurt the markets much more. Precious metals are also slightly positive today as money seems to be moving into hard assets.
2. Gold is catching a bid today trading higher by 0.5%. I think precious metals look poised to catch a bid here. I won GDX Newmont Mining and some call options on other gold stocks. I like the group here.
3. Bitcoin is testing the 20,000 level again. As you all know by now, the larger time-frame is in a down-trend. The projection to the downside should take Bitcoin down to below 14,000. I know I have stated this before, but nothing has changed.
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.
The Rally is Over with Nick Santiago added by Herman James on 08/28/2022View all posts by Herman James ?+'