1. Markets are a bit weak this morning. There is still no stimulus deal made by the politicians. This could be weighing on the major indexes a little. The weekly initial claims report was released at 8:30 am ET. The weekly initial claims increased by 137,000 to 853,000. This number was much worse than expected. The continuing claims for the week ending November 28 increased by 230,000 to 5.757 million. No stimulus deal yet. Russell is up. Central Bank intervention is continuing and there's no stopping it. Eventually the politicians will get something done. Maybe it's what they really want.
2. This is a big week for IPOs. Yesterday Doordash (DASH) came public. Questionnable economics. Today. AirBNB (ABNB) is going public. Traders always want to be careful after big IPOs. Often, the institutional crowd will prop up markets to get these IPOs successfully launched out the door. Need to watch these IPO's and if they're a sign of the coming market top. Lot's questionnable practices keeping IPO prices high until they've unloaded their shares. A lot like options ex.
3. Gold/Silver GLD down .11. Gold futures up $2. SLV up .11 futures up .19, flat markets ahead. Next week is quadruple witching order. New futures contract. Solstice is coming. Seasonality.
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.