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Listen Live: Monday Trading Action With Nick (podcast)

 Listen to “A Typical Monday, Everything Is Up – Nick Santiago 8-24-20 #103” on Spreaker.

 

 

1. The markets are starting the session higher across the board on this Monday. If it follows the current pattern there will simply be a lot of backing and filling for the rest of the week. Traders and investors should note that the rally that began on March 23rd is now 5 months old. While the NASDAQ and the S&P 500 Index have made new highs the Russell 2000 and the Dow Jones Industrial Average has not. Up on light volume. Backing and filling to follow.

2. This rally is 5 months old and is getting long of tooth. S&P and Nasdaq maee new all time highs

3. While this rally has not been perfect it has continued to climb the wall of worry. There are a few warning signs arising such as lagging financial stocks and thin leadership. We really need to see the leadership broaden and hold. Often, when we do see the leadership starting to expand it shrinks back down to the usual suspects (FANG).

4. A whole of manipulatin’ taking place in gold and silver. Consolidating since new high on August 7 at 2089. Weekly or monthly it hasn’t done very much. Be patient.

5. Dow is leading market today. 3M, Honeywell, John Deere and others are leading. Tesla may have put in a potential high today. Hit $2100 and is now in the 1900’s. Stock is overbought. Gap and crap. Apple did the same thing. Traded at $515 per share and and now has come down. Amazon put in its top on 7-13. Be careful of all tech stocks at this point. Distribution signs are all over. Cloud software names have made lower highs. Alarm bells are going off all over.