Financial Survival Network, Released on 1/27/21
1. Wild action continues this morning. Apparently, Gamestop (GME traded as high as $365.00 a share in the premarket. This is a roller-coaster ride that I have not seen before. The word on the street is that there are numerous hedge funds caught on the short side and someone is just squeezing them out. Usually, when something like this has happened in the past it has resulted in a hedge fund or several going out of business. We shall see. Blood in the water. The sharks are circling. If there’s one in danger, Melvin Capital. Another one that made a big move was AMC Entertainment, is it the next Game Stop?
2. Markets are down across the board this morning, but it will be the volume by the close that tells me more. As you know, there is a lot of froth out here at this time. Remember, it’s not how they open, it’s how they close. There is still a long day ahead of us.
Later today, we also have the first FOMC meeting of the year concluding. So Federal Reserve Chairman Jay Powell will give an initial statement that will be followed by a press conference at 2:30 pm ET.
3. Gold/Silver both were gettting slammed but due to market turmoil they both rebounded. More of it come?
Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He successfully managed money for a large, affluent private client group. Nick is an expert in Technical Analysis. He is a highly regarded and accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. After applying his knowledge to his client base and meeting his personal monetary goals, he decided it was time to begin teaching those interested in learning his trading and investing methodology. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.com and realize his dream of educating others about the truth of the markets. He now co-heads the education department at InTheMoneyStocks and enlightens thousands of members, along with providing consulting services to hedge funds and institutions.