Latest / Financial Survival Network / $5000 iPhones and The Debt Ceiling is Raised — Nick Santiago 6-5-23 #483

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$5000 iPhones and The Debt Ceiling is Raised — Nick Santiago 6-5-23 #483 · Financial Survival Network

• 0:02
  Welcome. This is your daily dose of Delhi Market wisdom with mask Or Trader
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  and Nick Santiago. I'm your host, Carry Lutz at six five twenty three
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  Show four eight three. Well, we had quite a rally on Friday.
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  Huh, we did, Carry, That was a big rally. Obviously,
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  the debt ceiling getting approved by the Senate night before, was passed by the
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  House on Thursday, so the market was rejoicing. And obviously President Biden signed
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  it on Saturday, so market was rejoicing over that. Plus there was a
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  Goldilocks job number reported on Friday morning before the opening bell. It's amazing how
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  that happens. The unemployment number peaked up, but the unemployment rate went down,
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  and you know, couldn't ask for any better scenario, I guess for
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  a Friday going into a weekend. All right, So the debt ceiling is
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  raised and peace is restored. The Republic has been saved, right, Yeah,
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  the Republic has been saved. But the Republicans are not looking so good
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  on this one, right because it just looks like they just created And it's
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  amazing. But Kevin McCarthy might be Joe Biden's right hand man after all.
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  Well, We always knew he was gonna do it. Oh we did,
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  we did. It's it's it's like pro wrestling out there. So again,
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  these guys and when they go backstage or all buddies deals have been cut.
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  Just like we said, Kabuki theater is what I think you called it.
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  Yep. Yeah, well I think it's like professional professional wrestling, except it's
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  not as convincing. Yeah, I think that's perfectly said. Hey, so
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  what's going on with Saudi Arabia. They say they're going to cut production,
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  which sounds to me like what it means is that the demand is down.
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  Yeah. I think what we've seen in the oil price really struggling a bit,
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  so I think demand is down. But they did say that they're gonna
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  implement an additional volun terry cut. I believe one million barrels a day OPEC
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  plus, which is the country's outside of the OPEC region. They are not
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  going to cut. There's going to leave everything status quo. But Saudi Arabia
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  is the biggest producer of oil, so they're gonna cut one million barrels a
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  day. That caused a little spike in oil. Today, oil is trading
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  up about one percent right around that seventy two forty seventy two fifty level right
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  now today. It gave a little bump to the energy stocks early than it
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  it faded. But I will say this um that gas is up pretty nicely
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  today. So that's that's getting a pretty good little bid. We'll see if
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  that holds into the clothes. But overall that that's the news out here.
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  And I think you're right. I think things are slowing down globally, and
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  you know they probably will cut more down the road I would, I would
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  assume no doubt. So what's doing with Apple here? They're having their Worldwide
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  Developers Conference wd SEE as they call it. And will we see a five
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  thousand dollars I found this year, Nick, I don't know. But the
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  big product coming out of this developer conference supposedly is like a mixed reality virtual
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  reality headset. So the cost of this headset from the details I saw earlier
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  where that they're gonna it's gonna cost about three thousand dollars For three thousand dollars
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  for the headset, that's a high price if you ask me. Apple stock,
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  though, is up ahead of this developer conference. We'll see if it's
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  by the rumors sell the news type event stock is making I believe a new
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  all time high today. So again it's up about one and a half percent
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  as we speak, making a nominal new high, but it isn't all time
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  high. And this stock is very lofty on the board, so maybe it
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  has one more surge, but I would I would almost think about feeding Apple
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  on this on this news all right, And financial stocks are weak today,
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  So we have JP Morgan, which I'm watching closely. This stock is like
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  a seesaw over the last month and a half. Now, there's a lot
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  of talk about rumors. We're not rumors. There's actually reports that, you
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  know, JP Morgan was the banker for Jeffrey Epstein, so you're seeing this
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  guy Jeff Staley who was a former banker for JP Morgan. Maybe you know,
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  putting Jamie Diamond in the corner that's causing this stock to really be a
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  seesaw on mover. I would just avoid the name at this stage of the
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  game. But the biggest story, in my opinion, is really the regional
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  bank ETF, the KR, and we've talked about that numerous times here.
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  It has firmed up a little bit recently, but today it's down by three
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  percent. And I would still be careful with these regional banks. I've been
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  saying that on the show. I think they're going extinct, and I would
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  be very very careful with all regional bank stocks right now. They're gonna be
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  bounces in there, but I just don't think they're worth the news. This
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  banking crisis, although the they have a band aid on it now, the
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  central banks obviously throwing at a lot of liquidity at it to fix the problem,
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  hence the rally we've seen. But you know, this can't go on
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  forever. There's a lot of problems in the banking system, especially in the
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  regionals, so I'd be careful there. Okay, So finally gold is up
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  a bit today. It got blown off on Friday. Yeah, gold got
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  hammered on Friday. But remember that level we talked about on a program a
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  couple of weeks ago. I said nine forty would be the support area for
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  gold. That level held obviously on the thirtieth of May, and then we
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  got a good pop, and then Friday gold came down quite a bit.
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  But today it's rebounding a little bit. It's up about a quarter of one
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  percent right now. Sitting in around nineteen seventy five on the futures, so
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  it's living to fight another day. Silver, on the other hand, a
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  little bit weaker today, trading down about a half a percent. So all
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  in all, we'll keep an eye on the precious metals right now. But
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  I don't love them. I don't hate. I'm just more neutral than for
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  the time being. Okay, So all right, so they're kind of like
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  a little lull, maybe a little plateau at this point. Yeah, I
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  would say so, yeah, I would say so. Bitcoin. Where we
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  are with bitcoin today, Yeah, bitcoins have been on the weaker side.
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  Bitcoin futures down by about two percent right now, still trading it around twenty
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  six thousand, eight hundred on the futures. But the chart is just very,
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  very choppy and sloppy. A lot of sideways consolidation, but not tight
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  consolidation. There's still a chance that bitcoin can go either way. I would
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  just avoid the name right now. The daily chart, I think looks weak.
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  Once come down to twenty five thousand, the weekly chart is still consolidation.
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  Tells you you could go back up towards a thirty thirty one thousand range,
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  but that would be about it, so I think you just kind of
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  stay neutral with bitcoin right here. I'd like to see a break one way
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  or another and then we'll take it from there. But really not a lot
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  of strength out there today. All right, Well that's it for today.
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  Make sure you go over to nick site in the moneystocks dot com. She
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  always beaten the averages for decades. Twitter feeds at ims at Nick Santiago zero
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  one at carry Lutz. Your emails are welcome kl at Kerry Lutts dot com,
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  and don't forget write your comments below on the YouTube channel Nick. We
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  will talk to you Wednesday. I will be home then and back to normal.
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  Sounds good, Kerry,