Silver’s Second Coming with Nick Santiago (Ep #503)

June 21, 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. Chairman Jerome Powell is going to testify in front of the House Financial Services Committee at 10:00 ET. In his prepared remarks, he said more interest rate increases are likely ahead as inflation is “well above” where it should be. “Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” he said.

2. Markets are under some more pressure today. Many of the leading tech stocks are retreating. Teck has been the strongest industry group this year and a pullback or correction is long overdue. Pattern this week will be important.

3. Today is the summer solstice. Often the summer solstice causes stock market reversals as well as a seasonal change for the earth. I’m not so certain about this one, but I have seen so many turns in the past when a solstice or equinoxes occur that I respect this time period.

4. Gold and silver were sold off yesterday. Silver really fell sharply. Today we are seeing more downside action. Gold is also below that key $1940 support level so this could turn the trend down by the end of the week.

5. Bitcoin ripped higher yesterday and is trading higher today. That is a solid move for the popular crypto currency. it should make a new nominal high here soon. The catalyst for the move is that BlackRock filed for a spot bitcoin ETF, with Coinbase as a crypto custodian.

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