Impending Chaos with Nick Santiago (Ep #491)

May 12, 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. It looks like another choppy trading session on the back of light volume. Light volume has really been the theme since late March and that has certainly helped keep this market from coming unglued. Almost everyday we see a sell-off followed by a light volume float right back up into the close. Remember, light volume usually favors a buoyant market. I know a lot of new traders get frustrated and wonder why the markets just keep going higher and when you see light volume just understand there is no real selling pressure taking place.

Elon hires a new CEO for Twitter. Last night reports came out that an NBC Universal spokesperson says that Linda Yaccarino will leave the company; she is the rumored to be the next CEO of Twitter. I think that has been confirmed, but I have not tracked it this morning. Many people are now wondering if it will go back to the way it was with shadow banning nd sensorship? We shall see. Either way, it gave TSLA stock a much needed pop as the stock has been struggling to gain traction lately.

2. Energy is catching a bd today across the board. The Department of Energy Secretary Granholm says U.S. could start the process of repurchasing oil for Strategic Petroleum Reserve in June. I’m not sure what they are waiting for, but has given the energy stocks a pop today. In my opinion, its a short term affect.

3. Gold dipped yesterday and today it is basically trading around the flat line. Silver tumbled sharply yesterday and is a little lower today. Silver futures still have a lot of daily chart support around the $23.00 level. A break of that level would signal a further decline. I hope it happens as I would like to own silver again soon.

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