House of Cards Rally with Nick Santiago (Ep #513)

July 31, 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. This morning, we got the highly anticipated PCE number. Apparently it was slightly better than expected. This number is supposedly the Feds favorite inflation indicator. At the moment, the markets are higher and rallying after a reversal sell off yesterday. Yesterday was interesting because the markets reversed downward after news was released that the Bank of Japan (BOJ) would possibly change its yield curve control policy. Well that news is now out and the Bank of Japan left the policy rate unchanged, but surprised with a tweak to its yield curve control policy, saying it will allow greater flexibility, allowing the 10-yr JGB yield to rise up to 1.0% while maintaining the target at 0.50%. The bottom line, the market doesn’t seem to care today about the carry trade being affected right now.

2. Earnings are pouring in and we still have Amazon and Apple scheduled to report next week. Apple will certainly be the more important of the two and that should be watched closely by every market participant.

3. Gold is snapping back today after a sharp decline yesterday. The pattern that forms over the next week will tell me more. Right now there is still a lot of daily chart resistance at $1985 and that level has been important lately.

4. Bitcoin is slightly higher today by 0.5%. The daily chart pattern looks like chaos, but the weekly pattern is still constructive for more upside.

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