Oil Under $100 with Nick Santiago 8-1-22 #414

Source:
https://www.spreaker.com/user/appeal2/nick-414

1. This is another big week of earnings. Last week, the mega-cap tech names reported and the market rallied on the back of them despite most of the number being weak. This is what happens when expectations are so low.  This week we have over 130 S&P 500 companies reporting so it should be important. 

2.This is the first day of August. Often, money will come into the market to start the month. Today, markets are stalling after the big rally that we saw last week. This market is getting overbought at this time. 

3. Oil is selling off today along with most of the leading energy stocks. I think oil is in correction mode here, but any decline into the low $80.00 range is a buying opportunity. This may not get down there tomorrow, but traders should keep this level on their radar. 

4. Gold is slightly higher this morning, but nothing earth shattering. 

5. Bitcoin is trading down by 2% to 23,500. It tried to make a move last week, but has retreated today. 

Why are cycles so important? Bill

Are we really in a bear market? Scott

We’ve seen hugely volatile energy markets. What makes you think it will go up from here? Ebony

What was your greatest success story since you started trading? Alfredo

Can you really make money on options? Lewis J.