Joel Elconin – Elon Musk’s Takeover Of Twitter and Market Weakness Continuing
Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to share his option of Elon Musk’s offer to buy Twitter and take the Company private. Investors do not seem impressed as Tesla stock is down over $100 (~10%) today. A key aspect of the proposed deal is the banks role in helping finance the $44billion deal and the Tesla stock Musk is pledging.
We also discuss the broad weakness in the markets as tech is leading the way again to the downside and the NASDAQ close to breaking to new lows for the year.
With price now under the 400 WMA, I would be a buyer of IPT here. In the days leading up to the May FOMC it can certainly go lower though, so I would space my purchases. If you want to be on the safe side, wait for a weekly swing low before buying.
That’s my 2 cents. I don’t believe any of these silver miners are truly taking off anytime soon, but something like IPT could absolutely rally back to .70 in a heartbeat before falling back down. In any event, the next pivot low will likely mark the lowest price before what I anticipate will be an insane 2023-25.
weekly swing low on ipt Green.
Might be a matter of staying solvent. One of those ‘bought deal’ announcements seen by a multitude of the dregs.
Mark my words, IPT will not come back to the current level after the next time it gets anywhere near .70 but it just might go lower tomorrow. Multiple supports of varying quality were tested today…
https://stockcharts.com/h-sc/ui?s=IPT.V&p=W&yr=6&mn=6&dy=0&id=t5728203258c&a=1151218448&r=1651006162398&cmd=print
I picked up a little more Impact Silver yesterday, and if dips down any further will likely add more, as this is already a solid place to start accumulating. When (IPT) moves, it really moves quickly, so being in position right after the big down days, sets one up to be in front of the next solid impulse leg to new highs.
Those who only care about price don’t realize that it would have to hit about .27 soon in order to match the weakness shown last August. The low for this week just might happen tomorrow at about .38…
https://stockcharts.com/h-sc/ui?s=IPT.V&p=W&yr=3&mn=0&dy=0&id=p99121299907&a=1151706000
Relax Matthew, it’s all right. Nobody is blaming you for anything.
Nothing’s changed for me but thanks for your concern, whiny boy.
Matthew I’m just disappointed it reacted so poorly and kicking myself for not trading the swings rather than just sitting on it.
I get it, Terry. Our actions should be aligned with our expectations and it seems like your comfort zone is in trading actively. Adding stress to sitting on these thinly traded tiny caps is the fact that they become even more volatile in certain environments and can quickly go much lower than most expect.
POOF!
And all those gains are GONE! Just like that, in less than a week.
Gone, they were never there to begin. In the blink of an eye, the rug gets pulled out from under the suckers and bag holders.
You’re now even poorer.
Keep hanging around for more, cause more you’re going to get… or should I say LOSE!
The USD has been a better investment.
Hey Joe welcome back. Yes the USD has been on an absolute tear for quite some time. The great reset to gold, rubbles, yuan, bitcoin and tulips and varying combinations thereof, put on hold for another decade or so. LOL.
But Joe, gold is not going to tank. There is enough fear and uncertainty out there. It’s like a teddy bear when you fear the worst. Having lots of US$ at such times also helps LOL
A GDX move to 34 would be a perfectly normal backtest of the downtrend breakout that happened in February.
https://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=2&mn=2&dy=0&id=p01106909955&a=1068846020
Ugly day today. Bought my first tranche of IPT yesterday and will purchase next one around .$.30. Purchased a smidgen of SVM today which in all likelihood will move lower yet. Tremendous bargains appearing all over the place.
Yes Doc, been looking at the LEAP calls on SVM.
January, 2023s?
Those or the 24s, see how things look tomorrow
GDX:SPY filled yesterday’s big gap…
https://stockcharts.com/h-sc/ui?s=GDX%3ASPY&p=D&yr=2&mn=0&dy=0&id=p63658563322&a=1126411947
UUP is overbought and at resistance.
https://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=1&mn=1&dy=0&id=p81831075232&a=1098309667
Looking at that chart I would say yes.
Bearish 60 minute chart engulfing reversal for SPY vs SILJ…
https://stockcharts.com/h-sc/ui?s=SPY%3ASILJ&p=60&yr=0&mn=1&dy=22&id=t6949902027c&a=1151877262&r=1651008582716&cmd=print
An important top is likely near for the dollar (in terms of time at least, if not price)…
https://stockcharts.com/h-sc/ui?s=UUP&p=W&yr=6&mn=0&dy=0&id=t2353676234c&a=1081263976&r=1651009479463&cmd=print
Until proven otherwise, silver is just backtesting its one-year downtrend breakout.
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=5&dy=15&id=p42673086511&a=1111101569
Good silver chart Matthew. I’d prefer to see it just backtest that trendline again, rather than it going all the way down to the recent lows at $21.40 another time.
I believe it was just yesterday that I said silver could EASILY slide down to $22-$22.50.
Yes, you did indeed Doc. I’d prefer not to see $22 break in Silver, or especially that $21.41 level it hit last year personally. However, with it dipping down to $23.50ish yesterday and today, it’s not that far away from those levels at this point. We’ll see if it can hold the line at $22 and rally from there.
Will not be adding to Impact(IPT), little faith left in it after last couple of days.