Key Market Moves – Declining Yields, Big Tech Weakness, Robinhood breaking above IPO price and Gold’s Trading Range
Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show joins us to cover some of the more interesting market moves and trends. We start with the continued decline in yields and what that is telling us about investor positioning. Next up is the recent weakness in big tech stocks that were only a few weeks ago driving markets to new all time highs. We wrap up the call with comments on the trading in Robinhood post-IPO and gold’s remaining above $1,800.
Click here to visit the Pre-Market Prep website to follow along with Joel’s market commentary.
🙂 Haha! Yes, it is always a lot of fun in our discussions with Joel.
We didn’t know he was going to get into that today, so it made me crack a smile when he suddenly asked “Who needs Clorax any more?…” and then proceeded to discus the downside slide in the stock.
Almost forgot: added a new stock today. Haven’t had many gains to trade but noticed Doc Jones had some Cassiar Gold. Read the presentation and looks like it is a Letwin property in BC. I didn’t currently have anything in BC and picked it up. Sounds like it has prior work on it and has been dormant. Might be confusing it, but I think they reverse split and low shares. Seemed to be good institutional involvement. Steve Letwin has his own money in it.
Bitcoin Hits One-week Low As SEC Calls For More Power Over Crypto
Oscar Williams-Grut – August 4, 2021
“The price of bitcoin (BTC-USD) continued to slide on Wednesday as investors and traders fretted over the possibility of stricter cryptocurrency regulation.”
“Price pressure comes as regulatory scrutiny on the sector continues to mount. New US Securities and Exchange Commission (SEC) chair Gary Gensler told Bloomberg in an interview published on Tuesday that consumer protection in crypto was one of his key priorities.”
“In a speech delivered later that day, Gensler went further and called for additional powers to regulate the sector.”
“We need additional congressional authorities to prevent transactions, products and platforms from falling between regulatory cracks,” he said.
Unlike other decentralized blockchain platforms, tZero has been designated an alternative trading system (ATS) and is regulated by the Securities and Exchange Commission (SEC) and FINRA.
Dead Horse Report
Still beating it. Some up Some down…alternating days. Complete algo market.
Gold up on my charts. Facts are trivia.
Massive algo attack just after 10 AM est. How criminal can you get. Probably more in a banana republic market. We need just one big name in jail.
I wrote Whitehouse.gov and asked that the head of the SEC be replaced with a real prosecutor and not a former Goldman partner. Nothing new…been asking for 20 years.
david
Manipulation in all markets if on the losing side. If on the winning side it’s called a good strategy to benefit your interests. Opec with oil, fed with money pumping and interest rates at obsurd low levels, and precious metals with phantom bankers.
No different than putting your money down at a casino, in spite of odds being against you.
Little point in complaining.
this gary savage knows exactly where precious metals / markets are going with tons of rationale, until it doesn’t. Not his fault his science failed him with outcome, it was manipulation. Now that explanation is suppose to heal your losses if you paid for his advice.
I have never subscribed to Gary but it seems his main or only strength is his cycle work which is definitely valuable. His guesswork about the actions of the manipulators should be ignored. Yes, there is plenty of manipulation but he does not read it correctly because he has big blind spots with respect to legitimate market action.
Not a subscriber either but the following video which he recorded yesterday, seems to be on mark after we all saw what happened this morning with PMs.
https://goldseek.com/article/gold-update-manipulation-count-it-and-plan-it
I guess my thing is that if there is manipulation, and there is, the government should not enable it. I think the regulators should at least do their jobs the best they can…even if they are underfunded and legislators try to undermine them. Let the corruption stay with the “elected officials” and not block the career people from doing their jobs. Let the cost of being corrupt at least have a higher risk to politicians than doing an honest job. Somehow reinforcing corruption in elected officials is counter productive to survival of the country…that should not be a good thing to ignore. I just find it disturbing that “corruption” is a plank in every political party’s agenda. Where are the peanuts…I need to hand them out.
+1. Well said. True, the SEC has been the pirates den since Cox was appointed I believe by Bush II. Obama’s people were just as bad, especially the Attorney Gen’l who couldn’t prosecute any bankers because of the ‘disruption’ it would cause……
None appreciate the moral hazard build-up and I guess it will go on until it doesn’t.
“Too Big To Fail”…absurd. Stick the people in jail and restructure. Problem solved.
You’re right about that. Too big big to fail is an absolute fraud and anti free/fair market. It benefits the special few at the expense of society in general like all leftist, collectivist, cronyism.
David, the greatest manipulation and corruption comes from the government itself. It invents regulatory bodies to protect itself from you, not the other way around. The SEC has never EVER been on your side.
Politics IS corruption and that is a permanent fact.
yes Matt, there is a science with the markets, largely looking at the past to foretell the future, cycles, moving averages blah blah. to help put the odds in your favour (your talent in this regard is better than most). However many paid advice-givers like savage go to the extent of ridiculing those who supposedly failed to recognize this evidence. All in hindsight of course. Repeated over and over again.
Joel is a lot of fun. Clorox a computer screen…don’t think so….