Welcome. This is your daily dose of Delhi Market wisdom with mask Or Trader
and Nick Santiago. I'm your host, Carry Lutz at six five twenty three
Show four eight three. Well, we had quite a rally on Friday.
Huh, we did, Carry, That was a big rally. Obviously,
the debt ceiling getting approved by the Senate night before, was passed by the
House on Thursday, so the market was rejoicing. And obviously President Biden signed
it on Saturday, so market was rejoicing over that. Plus there was a
Goldilocks job number reported on Friday morning before the opening bell. It's amazing how
that happens. The unemployment number peaked up, but the unemployment rate went down,
and you know, couldn't ask for any better scenario, I guess for
a Friday going into a weekend. All right, So the debt ceiling is
raised and peace is restored. The Republic has been saved, right, Yeah,
the Republic has been saved. But the Republicans are not looking so good
on this one, right because it just looks like they just created And it's
amazing. But Kevin McCarthy might be Joe Biden's right hand man after all.
Well, We always knew he was gonna do it. Oh we did,
we did. It's it's it's like pro wrestling out there. So again,
these guys and when they go backstage or all buddies deals have been cut.
Just like we said, Kabuki theater is what I think you called it.
Yep. Yeah, well I think it's like professional professional wrestling, except it's
not as convincing. Yeah, I think that's perfectly said. Hey, so
what's going on with Saudi Arabia. They say they're going to cut production,
which sounds to me like what it means is that the demand is down.
Yeah. I think what we've seen in the oil price really struggling a bit,
so I think demand is down. But they did say that they're gonna
implement an additional volun terry cut. I believe one million barrels a day OPEC
plus, which is the country's outside of the OPEC region. They are not
going to cut. There's going to leave everything status quo. But Saudi Arabia
is the biggest producer of oil, so they're gonna cut one million barrels a
day. That caused a little spike in oil. Today, oil is trading
up about one percent right around that seventy two forty seventy two fifty level right
now today. It gave a little bump to the energy stocks early than it
it faded. But I will say this um that gas is up pretty nicely
today. So that's that's getting a pretty good little bid. We'll see if
that holds into the clothes. But overall that that's the news out here.
And I think you're right. I think things are slowing down globally, and
you know they probably will cut more down the road I would, I would
assume no doubt. So what's doing with Apple here? They're having their Worldwide
Developers Conference wd SEE as they call it. And will we see a five
thousand dollars I found this year, Nick, I don't know. But the
big product coming out of this developer conference supposedly is like a mixed reality virtual
reality headset. So the cost of this headset from the details I saw earlier
where that they're gonna it's gonna cost about three thousand dollars For three thousand dollars
for the headset, that's a high price if you ask me. Apple stock,
though, is up ahead of this developer conference. We'll see if it's
by the rumors sell the news type event stock is making I believe a new
all time high today. So again it's up about one and a half percent
as we speak, making a nominal new high, but it isn't all time
high. And this stock is very lofty on the board, so maybe it
has one more surge, but I would I would almost think about feeding Apple
on this on this news all right, And financial stocks are weak today,
So we have JP Morgan, which I'm watching closely. This stock is like
a seesaw over the last month and a half. Now, there's a lot
of talk about rumors. We're not rumors. There's actually reports that, you
know, JP Morgan was the banker for Jeffrey Epstein, so you're seeing this
guy Jeff Staley who was a former banker for JP Morgan. Maybe you know,
putting Jamie Diamond in the corner that's causing this stock to really be a
seesaw on mover. I would just avoid the name at this stage of the
game. But the biggest story, in my opinion, is really the regional
bank ETF, the KR, and we've talked about that numerous times here.
It has firmed up a little bit recently, but today it's down by three
percent. And I would still be careful with these regional banks. I've been
saying that on the show. I think they're going extinct, and I would
be very very careful with all regional bank stocks right now. They're gonna be
bounces in there, but I just don't think they're worth the news. This
banking crisis, although the they have a band aid on it now, the
central banks obviously throwing at a lot of liquidity at it to fix the problem,
hence the rally we've seen. But you know, this can't go on
forever. There's a lot of problems in the banking system, especially in the
regionals, so I'd be careful there. Okay, So finally gold is up
a bit today. It got blown off on Friday. Yeah, gold got
hammered on Friday. But remember that level we talked about on a program a
couple of weeks ago. I said nine forty would be the support area for
gold. That level held obviously on the thirtieth of May, and then we
got a good pop, and then Friday gold came down quite a bit.
But today it's rebounding a little bit. It's up about a quarter of one
percent right now. Sitting in around nineteen seventy five on the futures, so
it's living to fight another day. Silver, on the other hand, a
little bit weaker today, trading down about a half a percent. So all
in all, we'll keep an eye on the precious metals right now. But
I don't love them. I don't hate. I'm just more neutral than for
the time being. Okay, So all right, so they're kind of like
a little lull, maybe a little plateau at this point. Yeah, I
would say so, yeah, I would say so. Bitcoin. Where we
are with bitcoin today, Yeah, bitcoins have been on the weaker side.
Bitcoin futures down by about two percent right now, still trading it around twenty
six thousand, eight hundred on the futures. But the chart is just very,
very choppy and sloppy. A lot of sideways consolidation, but not tight
consolidation. There's still a chance that bitcoin can go either way. I would
just avoid the name right now. The daily chart, I think looks weak.
Once come down to twenty five thousand, the weekly chart is still consolidation.
Tells you you could go back up towards a thirty thirty one thousand range,
but that would be about it, so I think you just kind of
stay neutral with bitcoin right here. I'd like to see a break one way
or another and then we'll take it from there. But really not a lot
of strength out there today. All right, Well that's it for today.
Make sure you go over to nick site in the moneystocks dot com. She
always beaten the averages for decades. Twitter feeds at ims at Nick Santiago zero
one at carry Lutz. Your emails are welcome kl at Kerry Lutts dot com,
and don't forget write your comments below on the YouTube channel Nick. We
will talk to you Wednesday. I will be home then and back to normal.
Sounds good, Kerry,