Musk v. Zuck Cage Match with Nick Santiago (Ep #504)

June 23, 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. Markets are pulling back this week as central bankers continue to promise rate increases are coming next month. The truth of the matter is that these markets were very overbought last week and right now this looks like a natural pullback from an overbought condition. While the Fed continues to jawbone, price action is still king. As we all suspect, since March 13th when the banking crisis hit home the central bankers around the world pumped a lot of liquidity into the system and that has been the catalyst for the recent rally.

2. Musk vs Zuckerburg in a steel cage. What has this world come to? I’d love to see it, Zuckerburg has to be one of the most despised people on the earth like Bill gates. They are all actors in my opinion anyway so it would be entertaining. I guess the world needs more bread and circuses.

3. Crude oil is back below the psychological $70.00 level. Should crude close below the May pivot low it will likely trigger a major sell signal. This would lead crude to fall into the $50.00 area. in my opinion, this would be a huge buying opportunity.

4. Gold is catching a bid today after declining this week. the important 1940 level will be important to hold by the close. A close below this level would signal further downside for the precious metals.

5. Bitcoin is pulling back slightly today. It recently had a big surge so it should still have some upside in the near term. I have the 32,000 area penciled in on this move.

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