There’s Gold in Fat — Nick Santiago 9-11-23 #523
Source:
https://www.spreaker.com/user/appeal2/nick-523
1.Today is the 9-11 anniversary. This is often a light volume session that will often finish slightly positive.
2. This Friday is options ex for September. It is a quadruple witching options expiration. That means that four different asset classes will expire this week. It will usually make for a lot of erratic action in many different stocks. Often, stocks that are in the stratosphere will pull back and stock beaten up will often catch bids. Just expect the unexpected.
3. This morning, the semiconductors are not participating in the early tech rally. Leading semiconductor stocks such as NVIDIA and AMD are both trading lower. These stocks are also dragging the Semiconductor ETF (SMH) lower.
Earlier today, Apple (AAPL) and Qualcomm (QCOM) signed a deal where QCOM will supply chips to Apple for the next 3 years. It's ironic how this news was released this week ahead of options ex.
4. There’s a veritable gold rush taking place in weight loss drugs. Eli Lily and Novartis stocks are booming. Lily is up 600% since 2020. Novartis has an over $400 billion market cap. More companies are trying to replicate their success.
5. Gold is trading up a little as the US dollar Index pulls back. We always must be careful with gold this week as it is often vulnerable to institutional game playing during options expiration.
6. Bitcoin is trading down by over 2% today. This chart is not looking very good right now. I'm not seeing any strength in the daily or weekly chart and the next major support area is around the 21.500 area.
Visit Nick at: https://Inthemoneystocks.com
Visit FSN at: https://FInancialSurvivalNetwork.com
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