Apple Trying to Recover with Nick Santiago (Ep #522)

September 10, 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. Quadruple Witching Options expiration is next week. This is the real shark week. Watch for lots of rumors and ridiculous upgrades & downgrades. I always say, expect the unexpected next week.

2. Apple (AAPL) is rebounding a little today after a sharp 2-day selloff. The news out of China is not a shock as it occurs right before options expiration. I love how that happens.

3. Rates and the US dollar are pulling back a little today so that is helping the markets a touch. Traders should keep an eye on that 2-year note yield. Currently it is trading at 4.96%, but if it gets back above 5% it will put a lot of pressure on the Fed to raise rates again. The next FOMC meeting is on the 20th.

4. Gold was higher earlier, but it has retreated and is just up by about 0.10% now. The pattern will be important as we go forward. Gold has a tendency to sell off during options ex week.

5. Bitcoin is flat today, but the chart looks very vulnerable to more declines soon.

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