Huge Week for Markets — Nick Santiago 6-12-23 #501

Source:
https://www.spreaker.com/user/appeal2/nick-501

1. Huge week ahead for markets. a. CPI tomorrow b. PPI Wednesday morning c. FOMC Wednesday afternoon d. Quadruple witching options expiration on Friday

2. So far it's a quiet Monday, but that won't last long. a. Oil is soft today trading lower by 3.7% to $67.50 a barrel. Should oil break the May lows on a closing basis it will signal a decline down to the $50,00 level. That would be a screening buy level.

3. Banks are strong today. It looks as if JPM settled with some Jeffrey Epstein victims today. The regional bank ETF (KRE) is also trading higher by 2.0%. As long as the banks are holding up there is really nothing terrible that will happen.

4. Gold remains in a range on the daily chart despite trading lower by 0.50%. Should gold break the 1940 area on a weekly close it opens the door to more downside.

5. Bitcoin is trading down by 0.80%. The crypto soap opera was in full throttle last week, now many of the crypto stocks will be whipsawed with options ex this week. As for Bitcoin it is still holding the big psychological support level.