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Are Market New Highs Coming Before New Lows

Cory
February 12, 2019

I am happy to introduce a new guest to the show Joel Elconin. Joel co-hosts the Benzinga Pre-Market Show with Dennis Dick. As this is the first time having Joel on the show we stick to some high level comments on the state of the US markets and the current earnings season. We also look at the general weakness globally and how that continues to pull money into the US markets.

To checkout the Benzinga Pre-Market show click here.

Discussion
34 Comments
    Feb 12, 2019 12:48 AM

    Gold is the only real form of money, Americans need to see this. I would much sooner see gold being transported to The US, that would be a much greater barometer of the state of The US economy than fiat money flowing into US markets.

    Feb 12, 2019 12:50 AM

    Everything is fake………you have 50-70 million American’s living pay check to pay check but the economy is great…….you have homeless rates in the millions but the economy is doing great you have dozens and dozens of companies lowering guidance and cutting estimates but the economy is doing great you have the united states basically bankrupt but the economy is doing great…………..i could go on and on

      Feb 12, 2019 12:36 PM

      Ditto on EVERYTHING IS FAKE………..

        Feb 12, 2019 12:37 PM

        The entire World is Bankrupt……….Japan going on 20 yrs. at Zero interest rate….

          Feb 12, 2019 12:39 PM

          If, Japan can go for 20 yrs…….so can the FAKE USofA……..If, the World does not break the Central Banking System…..everyone is Toast…if, they owe fake Debt.

      Feb 12, 2019 12:33 PM

      This has been going on for 10 years. Welcome to reality, finally.

      Buy some gold miners and lose some money along with the rest of us.

        Feb 12, 2019 12:07 PM

        But no matter what happens the MIC wins…

        Pentagon Seeks Massive Increase for ‘Slush Fund’ War Account
        https://outline.com/VpU9ga

    Feb 12, 2019 12:04 PM

    If Mueller fails to indict Trump, the public will not be willing to listen to politicians using the red scare as a means of fear mongering in the future. That will be a much welcome change.

      Feb 12, 2019 12:09 PM

      At least that should eliminate the fake Red scare. Bolshevism is not coming to America ever and The Democratic platform of socialism will be a gift to the Trump re-election platform.

        Feb 12, 2019 12:16 PM

        EVER…….ditto……..

    Feb 12, 2019 12:16 PM

    Oh my Omar…….Trump got your tongue , junior league congress little person for a foreign land…..with little to no respect…..jmo https://www.zerohedge.com/news/2019-02-12/trump-calls-rep-omar-resign-conservatives-fume-over-democrat-double-standards

      Feb 12, 2019 12:18 PM

      “What Congresswoman Omar said is so deep rooted in her heart, that her lame apology wasn’t appropriate. She should resign from Congress.”
      -President Trump

        Feb 12, 2019 12:19 PM

        Freedom of speech………not freedom of hate…..get along or get out……..jmo

          Feb 12, 2019 12:23 PM

          Good that some Dems have condemned the disgraceful anti-Semitic remarks of Rep. Omar—but their words are empty unless Dem leaders remove her from the Foreign Affairs Committee. No one with her anti-Semitic views should be allowed to represent US foreign policy on that committee.

            Feb 12, 2019 12:24 PM

            While some have defended Rep. Omar’s right to criticize Israeli money in US politics,

            Feb 12, 2019 12:25 PM

            I think she should question the money part………..jmo
            Why does Israel need $700 Billion of tax payers money…..just wondering…. 🙂

    Feb 12, 2019 12:38 PM

    Stewart nails it: “The current US government plan to reverse its insane debt growth with tariff taxes, a single corporate tax cut, a few regulatory red tape chops, no more rate hikes, and a border wall… is like trying to stop Niagara Falls by throwing a few popsicle sticks into the water.”
    http://www.321gold.com/editorials/thomson_s/thomson_s_021219.html

      Feb 13, 2019 13:41 AM

      There are some nice charts included in above post…….thanks………
      Good point, also, on the support zone…making no difference at 1280 or 1306

      Feb 13, 2019 13:17 AM

      But Beezelbub said “Deficits don’t matter.” He’s got way more cred than Stewie.

        Feb 13, 2019 13:26 AM

        Debt is not quite the same as deficit. Anyone who might say that the debt doesn’t matter should obviously be ignored.

    Feb 12, 2019 12:12 PM

    This bull flag looks very good but GDX could drop 5% quickly if it doesn’t activate:
    http://schrts.co/ivfnnAhY

      Feb 13, 2019 13:22 AM

      GDX looks textbook perfect in terms of cloud structure and MAs.

      It’s silver and silver miners, and the broader commodity complex, that concern me.

      FOFOA said that gold would crush silver (along with every other commodity) during the endgame. While I am obviously not of that mind, his rationale can’t just be blown off either.

        Feb 13, 2019 13:38 AM

        Who/what is FOFOA?

        We have no “endgame” to compare to so FOFOA’s guessing is probably based on his interpretation of the 1930s. I will gladly take the other side as the current situation is very different is key ways.

          Feb 13, 2019 13:41 AM

          This reminds me of the time I positioned myself opposite of one very confident Bob Hoye in the summer of 2010. Not only was he wrong, he was shocked that he was wrong and shocked by what the Fed announced in Jackson Hole that year. The “deflationists” simply don’t get it.

          Feb 13, 2019 13:44 AM
            Feb 13, 2019 13:47 AM

            Thanks

            Feb 13, 2019 13:56 AM

            I have to point out that I do not expect silver to blow away gold anytime soon. The next 2010-11 is years away. Silver is still very likely to outperform gold, just not nearly to the same degree. So the next significant top for the metals might happen with the GSR reaching no lower than 55 and maybe more like 60-65. It is currently above 80. The 2011 top happened with a GSR of about 30.

            Feb 13, 2019 13:17 AM

            That’s very surprising to hear from you re: GSR TBH. I would have assumed you would have though GSR was going to make a new low, certainly lower that what was hit in 2010.

            If you truly believe that GSR won’t even get below 55, then I have a very hard time understanding why you would even bother speculating in individual silver miners, most of which are located in very risky political jurisdictions. On a risk-adjusted basis it wouldn’t make any sense at all to me. You could lower your risk massively by just speculating in gold juniors and explorers and even add a bit of margin to close the gap.

            Feb 13, 2019 13:34 AM

            I know what you are saying and I would probably focus more heavily on the gold stocks if I were less sure of my outlook. Still, a move to a GSR of 60 represents silver beating gold by about 35%. Considering the AISC of the silver miners and the fact that the real price of both metals is much higher now than when they traded at the same levels almost ten years ago, that 35% will result in a very worthwhile performance in the silver juniors when compared to most of their gold counterparts.

            The GSR fell only 24% (to 64) in 2016 yet SILJ went up 110% versus GDXJ. My top three positions that year averaged over 1,000% and all were silver stocks.

            Feb 13, 2019 13:46 AM

            The GSR exceeded its 2016 high late last year and silver reached its 2016 low yet the silver stocks (as represented by SIL and SILJ) did not come close to testing their 2016 lows. This is a very positive divergence that tells us something about what to expect when the next bull move gets going.
            SILJ is a buy versus GDXJ following the SILJ:GDXJ parabolic drop into its recent low…
            http://schrts.co/EyuBwqCD

    Feb 12, 2019 12:10 PM

    Our good friends the Israeliars…Jew bastards…

    Pro-Israel Lobby Caught on Tape Boasting That Its Money Influences Washington
    https://theintercept.com/2019/02/11/ilhan-omar-israel-lobby-documentary/

    Get back to work tax serfs…someone’s gotta pay for those bastard Israeliars and it’s YOU.

      Feb 13, 2019 13:45 AM

      Ebo……..do not worry about those guys…..depart from wickedness in high places…
      If, you are worried about taxes, ….find some tax loop holes, ….there are plenty if , you look………….JMO

        Feb 13, 2019 13:47 AM

        Read ….Rich Dad Poor Dad……by Richard Kiosaiki..(sp)