The Wacky World of Professional Trading — Nick Santiago 11-21-22 #440

Source:
https://www.spreaker.com/user/appeal2/nick-santiago-440

1. This is a holiday shortened trading week with the markets being closed in the US on Thursday for the Thanksgiving Day holiday. Usually, this is a very light volume trading period before a major holiday. The markets will be open on Friday after Thanksgiving for a half day session. Often, the light volume favors a buoyant to upside market. 

2. Oil and energy stocks are plunging lower today after a report from the Wall Street Journal said that Saudi Arabia/OPEC+ considering increasing production by up to 500,000 barrels a day ahead of EU embargo on Russian oil. It was just in September that OPEC+ lowered production by a million barrels/day. Why the change of heart by OPEC+?

3. Gold is pulling back again today. Overall, gold looks to be consolidating after its recent surge. This could lead to another move higher in the near term. 

4. Bitcoin and crypto are falling today. It looks as if Bitcoin is holding the 16,000 level right now. Overall, the chart is weak and a break below the 12K level looks to be in the cards soon. Sam Bankman-Fried is the Bernie Madoff of crypto.