The Holiday is Over — Nick Santiago 11-27-23 #594

Daily Market Wisdom with Nick Santiago

1. The holiday is over and the markets are stalling out a little to start the week. These markets are very overbought on a daily chart basis. A pullback or some consolidation is needed after such a big surge. Today is a full moon, let's see if we get a minor pullback for a few days here.
2. New home sales declined 5.6% month-over-month in October to a seasonally adjusted annual rate of 679,000. Expectations were 720,000, this is a miss. The prior month was revised to 719,000 from 759,000. While on the surface this looks bad, we must remember that bad news is often viewed as good news these days.
3. Gold and silver have held up like rocks lately. Today, the precious metals are showing strength again. Gold futures have not broken out yet, but are teasing us as it trades above 2000. Silver is now flirting with $25.00 an ounce.
4. Bitcoin is pulling back today from a short term overbought condition. The pullback does not look damaging to the overall structure which is still bullish.
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