Congress to Be Replaced by AI Bots with Nick Santiago (Ep #496)

May 26, 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. The PCE Price Index rose 0.4% in April following a 0.1% increase in March. The core-PCE Price Index, which excludes food and energy, rose 0.4%. Basically, this was a little hotter than expected. This report has been noted as the Fed’s favorite indicator. The bottom line, this now puts a June rate hike back on the table. On Wednesday, we talked about how yields have been climbing recently and this is probably why.

2. NVidia (NVDA was the story of the week after reporting earnings and seeing its stock surge by nearly 25%. This news also helped to lift most other semiconductors higher. So while everyone usually looks to Apple as being the most important tech stock it is now NVDA. The AI craze is running wild.

3. This is the final trading session before the Memorial Day Holiday in the US. Usually, we will see light volume throughout the session as traders often close up shop after the first 2 hours of the day.

4. Gold and silver are catching a bid this morning. Silver is very strong with a 2% surge to start the day. Both gold and silver are trading at daily chart support right now.

5. Bitcoin is upticking a little today, but the daily chart still looks weak. The weekly chart is holding up but does not signal a lot of overall upside. That tells me if it does catch a bid it should not go much further that the recent high before declining again.

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