Christmas Crash? Beware of Klepto-Currencies — Nick Santiago 11-22-23 #543

Daily Market Wisdom with Nick Santiago

1. Nvidia (NVDA) earnings are the talk of the day. The stock is trading lower by 3.0%. The earnings were very strong as expected, but the stock had run higher recently with the overall stock market.
2. The major stock indexes are continuing to rally in this light volume holiday session. Often, around major holiday periods we look for light volume and the major indexes will usually remain buoyant.
3. Crude is selling off today trading down by $3.16 to $74.61 a barrell. It looks as if OPEC canceled this weekend's meeting to Thursday, 30 November 2023. According to a Bloomberg report, Saudi Arabia expressed dissatisfaction with other members' oil production levels.
Either way, the next support level for crude oil is going to be around the $69-70 level.
4. Gold had another solid day yesterday. Today the precious metal is flat. The chart remains strong and is holding up well at this time. it has not broken out yet, but it is testing the psychological $2000 level again. Should it form a sideways basing pattern it will likely look to breakout soon. I'll be watching this pattern closely.
5. Bitcoin is trading slightly lower today, but the chart remains strong right now as everyone awaits a spot Bitcoin ETF.