Oil’s breakout and US Markets outlook
Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show joins me to share his thoughts on the pop in oil to levels note seen since 2018. We discuss what is driving this move. We also look at the US markets broadly to assess if the next move will be a breakout higher. Volatility has been low but today could be a reversal day depending on how the markets close.
Click here to visit the Benzinga website and listen to the recordings of the Pre-Market Prep Show.
Not surprisingly, stocks don’t look very good, especially versus gold.
Nasdaq:Gold double top:
https://stockcharts.com/h-sc/ui?s=%24COMPQ%3A%24GOLD&p=W&yr=5&mn=11&dy=0&id=p03282740166&a=942653924
Priced in dollars, the double top is not yet confirmed/activated.
https://stockcharts.com/h-sc/ui?s=%24COMPQ&p=W&yr=5&mn=11&dy=0&id=p36865730347&a=942652907
The bounce of the last two weeks has been wimpy.
https://stockcharts.com/h-sc/ui?s=%24COMPQ&p=D&yr=1&mn=1&dy=0&id=p26544214190&a=954015424
Matthew,
Here’s my next 12 months targets for Silver miners I’m holding.
AG – $42
PAAS – $56
HL – $22
And finally Barrick that I have been purchasing – $44
I do not have any others positions in PM stocks other than listed above.
So, what are your thoughts?
Those look reasonable to me right off the bat. I think I had 39-ish for Barrick (I haven’t thought about it in weeks) and at least 50 for PAAS which is its P&F price objective.
The move that we see happening is going to catch a lot of people off sides, obviously.
I agree. Next bubble like phenomena is going to occur in PM stocks BUT I have a feeling, no body is going to remain invested. They will be quick to take their profits because its wired in their brain after so many disappointments. Your targets align with a guy I follow on Tradingview named as “Bad Charts” Patrick Karim
I couldn’t agree more about the tendency to fight the last battle. Recency bias will also keep most people in the stock market no matter how risky it becomes, and, as long as it doesn’t crash, they will buy the dips after a major top.
Patrick Karim @BadCharts1 is a solid technician, and he is featured on the weekend reports that Steve Penny @SilverChartist puts out.
I watched Patrick chart like 30 junior companies in 30-40 minutes on a few videos he put out where he shot-gunned through it. He’s a good follow on Twitter.
Here is Patrick Karim (@BadCharts) on Stocktwits:
I saw chart of AMC by Patrick Karim where he projected $35 when stock was trading at $8. His charting skills are top notch. Much like our Matthew
Oil is at potential resistance but I wouldn’t bet on it putting up a big fight.
https://stockcharts.com/h-sc/ui?s=%24WTIC&p=M&yr=15&mn=3&dy=0&id=p83097117651&a=833193131
Oops, that was monthly so it won’t appear as it should for most of you.
It probably won’t be long before oil pops into the 70s again for the first time since 2018.
https://stockcharts.com/h-sc/ui?s=%24WTIC&p=W&yr=3&mn=3&dy=0&id=p03330457920&a=926594497
OIH had a good day on big volume.
https://stockcharts.com/h-sc/ui?s=OIH&p=D&yr=1&mn=1&dy=0&id=p15190880624&a=926593814
Copper Summit – Copper Stock Picks, Copper Price Predictions and Market Analysis
Jay Martin, Cambridge House – May 30, 2021
Timestamps
0:00 Intro
2:41Tavi Costa | Crescat Capital
32:34 Shawn Wallace | Torq Resources Inc
50:44 Warren Irwin | Rosseau Asset Management
1:28:26 Rick Trotman | Barksdale Resources
1:42:15 Jamie Keech | Resource Insider
2:09:20 Mark O’Dea & Peter Bell | NorthWest Copper
2:26:34 Rick Rule
BIG DEAL……..I commented on this earlier……NEW RULE CHANGE
Others coming out and saying the same…
https://usawatchdog.com/we-are-at-the-top-of-the-bubble-alasdair-macleod/
Great piece Jerry. Loved the line ‘this means they won’t be able to conjure inventory out of thin air’.
Looks like they’re feeling a little fallout heat in London over that ten ton ‘clerical error/add’ to silver inventory.
Yes, I agree……..
OOTB
Game changer….will the Fed allow it to happen. Maybe the BIS calls the shots. Let us see. Great find… very significant if allowed to proceed.
David……. that is a good question….. Not so sure the FED, has the control over the Russians and Chinese, that it once had. A lot has changed in 10 yrs.
Since, the BIS, is International Banking, and Europe is on shaky grounds, and the Germans becoming more friendly with Russia and China…..There are a lot of moving parts that is for sure.
The first signs will be June 28….then Jan…, so, we have a little more time to wait… JMO
(SVM) Silvercorp Metals Intersects Vein T15W2 With 1.74 Metres True Width Grading 3,911 Grams per Tonne Silver, 6.22% Lead, 2.11% Zinc and 0.55% Copper at the TLP Mine, Ying Mining District, China
June 1, 2021
Interesting: morning smash on miners is NOT a result of smash on paper contracts…unkess the algos failed to check the paper price. Let’s see if miners throw this off shortly. Ewery day…ewery day
Ha! Now the paper contract hit. Those miner guys forgot to check first…
Emerita fell from about .80 US to about .59./.58 over the last week or so. Up about 5% early today. Maybe correction over…maybe not but at least it is up this morning.
Dollar to GOLD……..today…… $27,400………. is what gold should be …….
https://www.usdebtclock.org/
What is interesting just a couple of years ago….it was $3200……think about it… 🙂
After much thought and consultation…I vote gold be $27,400…do we need to do anything else now that that is solved.
You have two votes so far………… 🙂
I’ll cast a 3rd vote, that regardless of whether Gold should be valued at $27,400 now, that I’d be freakin’ thrilled if we just saw it get valued at $2,740 in the next 2-3 years. 😉
Special NOTE TO THE KER>………………………
Al, has lost his dear wife……. according to Jimmy…..posted in the Political section….
Al, will be needing some special comfort in the day’s ahead….
Just thought some of you might want to know…..
The 10 year UST note just jumped to its highest price since mid March and looks ready to finally “confirm” gold’s strength while giving it a tailwind.
https://stockcharts.com/h-sc/ui?s=%24UST&p=W&yr=5&mn=0&dy=0&id=p38566119380&a=726005016