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Regional Banks Disaster In Waiting — Nick Santiago 9-18-23 #526

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Manage episode 377288182 series 3281026
Content provided by Kerry Lutz. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Kerry Lutz or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
1. Weak start for the markets to begin the week. Last week was a very choppy and volatile options expiration and today much slower.
2. The regional banks are on my radar today. The important Regional Bank ETF (KRE) is trading lower by 1.7% and this pattern is signaling a decline down to the $41.00 area. That support level better hold or else this is going to signal another round of problems on the horizon. The 2023 low for the KRE was at $34.52 so at this time this is just a retrace pattern, but the $41.00 level will be important.
3. The auto workers strike is still going on today. Either way, Ford (F) looks weak on the charts and so does GM. I have Ford ultimately going to $9.00 which could be a good stop to buy the shares. I have GM going to $26.50. and that could be a good bargain as well.
4. Gold is flat this morning. it made a decent comeback last Friday climbing back to its 20-day moving average and remaining above the important 200-day moving average. This keeps gold in a position to fight another day.
The DXY is flat today and this will often affect the gold action.
5. Bitcoin is catching a very good pop today. The popular crypto is trading higher by about 3.0%. The pattern on the weekly chart will be important by the end of the we
  continue reading

558 episodes

Artwork
iconShare
 
Manage episode 377288182 series 3281026
Content provided by Kerry Lutz. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Kerry Lutz or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
1. Weak start for the markets to begin the week. Last week was a very choppy and volatile options expiration and today much slower.
2. The regional banks are on my radar today. The important Regional Bank ETF (KRE) is trading lower by 1.7% and this pattern is signaling a decline down to the $41.00 area. That support level better hold or else this is going to signal another round of problems on the horizon. The 2023 low for the KRE was at $34.52 so at this time this is just a retrace pattern, but the $41.00 level will be important.
3. The auto workers strike is still going on today. Either way, Ford (F) looks weak on the charts and so does GM. I have Ford ultimately going to $9.00 which could be a good stop to buy the shares. I have GM going to $26.50. and that could be a good bargain as well.
4. Gold is flat this morning. it made a decent comeback last Friday climbing back to its 20-day moving average and remaining above the important 200-day moving average. This keeps gold in a position to fight another day.
The DXY is flat today and this will often affect the gold action.
5. Bitcoin is catching a very good pop today. The popular crypto is trading higher by about 3.0%. The pattern on the weekly chart will be important by the end of the we
  continue reading

558 episodes

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