More Market Maneuvering -- Nick Santiago 11-10-23 #541

Daily Market Wisdom with Nick Santiago

1. Markets are trying to rally again today after yesterday's sell-off.
2. Yields surged yesterday after a weak 30-year US Treasury auction. Today, yields are pulling back a little today.
3. Fed Chairman Jay Powell spoke at the IMF yesterday. He was very hawkish as expected. Remember, this is what he usually does when the markets rally. Today, the markets are shrugging his comments off.
4. Oil is bouncing today from a short term oversold condition on the daily chart. The bigger short term support level is around the $70.00 area should oil begin to break down again.
5. Gold is getting hit hard today falling by more than 1.3%. Gold has been pulling back since October 27th when it traded as high as $2019/ounce. I'd just remain neutral in the short term as we have options expiration in play next Friday. Gold and precious metals will usually get tossed around throughout the week leading up to options expiration.
6. Bitcoin is bouncing higher today after a sharp pullback yesterday. The trend is up and many investors are expecting a spot crypto ETF to get approval soon. We shall shortly.
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