Joel Elconin – Social Media Stocks & Real Estate Under Pressure, Investors Continue To Gravitate To Defensive Sectors

Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website, joins us to share his thoughts on retail sales, social media stocks, the real estate markets, and investing strategies. We start off by getting the technical levels Joel is watching in the general market indexes, and then some of the fundamental macroeconomic factors driving the moves we are seeing.  


Even though a number of social media companies are under pressure, lead by the poor forward guidance from Snap Inc (SNAP), and spilling over into Meta Platforms/Facebook (FB), and Alphabet/Google (GOOGL), there are signs of green shoots in some tech like Zoom Video (ZM) and the Ark Innovation ETF (ARKK).   On the real estate front, new home starts were down 16.6% today, the worst in 9 years, and we discuss how the Fed rate hikes and the correlating mortgage rate increases play into things, and review the REITs markets.  Ultimately, in these volatile times investors are opting for defensive names like consumer staples, utilities, dividend paying stocks, and cash to ride out the market uncertainty.



Click here to visit Joel’s PreMarket Prep website to keep up to date on his market outlook.

    May 24, 2022 24:58 AM

    I think there is potential for gold and silver to get slammed back down this week and next week. I imagine gold will hold above its low from last week, but it’s possible silver won’t be so lucky.

    I do see any weakness from here as a good buying opportunity. I am expecting a very large upward move to begin in the metals and miners within the next few weeks (possibly after the FOMC meeting in the middle of next month). It’s possible we escape without a large correction in the next few days, but I am inclined to think we get one last major scare before the metals and miners take off.

      May 24, 2022 24:27 PM

      One last dip would make perfect sense and it could happen fast.

    May 24, 2022 24:59 PM

    Does the Thursday futures contract expiry affect your negative outlook this week?

      May 24, 2022 24:09 PM

      No Steve short term it does not bother me one bit. The technicals are screaming higher everything else is noise.

      I bought the most recent lows in iamgold and let me tell you it was not a nibble.. I also purchase impact silver at its most recent lows and called it before it happened.

      For the Brixton holders todays daily top was classic close and nailed it. In fact I was looking for 17.5 and for just above it. It should retrace no lower then 15 on my lenses and as green said from here forward it’s buy the dip not investment advice.

      I think gold will retrace a bit and so will silver this week and possibly next but we will be in Oscillating territory in 1935 to 1945 should hold for the monthly and as I said the monthly red long week will set up the June explosion which many are still in denial.

      Brixton should or could take a week or more before it heads higher to break its most recent high at .24.. mark this one down!


        May 24, 2022 24:20 PM

        Glen………. thanks for all the updates…………

          May 24, 2022 24:27 PM

          Thanks Jerry I greatly appreciate it.😀✌️

        May 24, 2022 24:25 PM

        1935-1945 should read 1835-1845 If it even goes there.

        Week=wick lol