Rate Cuts, What Rate Cuts? with Nick Santiago (Ep #556)
from Daily Market Wisdom with Nick Santiago
For more than 20 years, Master Trader Nick Santiago has been beating the markets. He’s made some incredible calls along the way and now he’s looking to spread the word. There’s no reason that the average trader should be coming up short. So now we’ve started a daily show to bring you up to date on the latest market developments. Nick will be sharing trades and concepts and discussing current trends.
Today:
1. The major stock indexes are starting out a little on the weak side today. At this time, the major indexes have been trading in a tight range since mid-December.
2. Earlier this morning, the retail sales report was stronger than expected. This is signaling that consumers are still strong and that might keep the Fed from cutting rates. The next FOMC meeting is on Jan 31st. Personally, I think the Fed is going to sit tight and not cut until the middle of the year if at all.
2A. This Friday is options expiration for the month of January. This is a time to watch for a lot of institutional game playing. This is the week of rumors, wacky news, and ridiculous upgrades & downgrades. In other words, expect the unexpected.
3. Oil is selling off today and is now testing the $71.00 level. A weekly close below the December lows will trigger a sharp sell signal for crude down to the $55.00 level.
4. Gold has been under pressure this week and is down today by 0.50%. There is some daily chart support for Gold futures around the $2000 level. The next key support area will be around the $1900 area.
5. Bitcoin futures are falling today. I’m seeing support on the futures chart around the $39.6000 area in the near term. So far, Bitcoin has been a sell the news event since the EFP approval.
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Source: https://www.financialsurvivalnetwork.com/2024/01/rate-cuts-what-rate-cuts-with-nick-santiago-ep-556/
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