AI Mania Fad Takes Over with Nick Santiago (Ep #497)

May 30, 2023

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. AI mania is running wild. The $NVDA chart is euphoric as is most of the other leading semiconductor stocks. Everyone seems obsessed with NVDA becoming the next $1 trillion company. The stock is now overdone. It looks like bitcoin looked before its big double top. I would not buy it up here at this level. Plain and simple parabolic is parabolic. If you happen to own this lower this is the time to take profits or trail the stop loss.

2. May Consumer Confidence 102.3 vs. 99.5. This is just another strong number that puts the Fed in a corner to raise rates in June. This coming Friday we will get the unemployment report.

3. It looks like there is a tentative debt ceiling deal in place. This still needs to be voted on, so I’m sure more drama will arise before it passes.

4. Energy is getting hit again across the board. Oil, nat gas and just about every energy stock are trading sharply lower today.

5. Bitcoin started the session very strong but has pulled back in. It’s still positive on the day, but well off the highs.

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