Joel Elconin – Market Update on Tech, Vaccine Stocks, Cryptos, and Gold

Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show joins us today for a recap on the market moves in a number of sectors on his radar.  We start with the continued strength in the high flying tech stocks, and then move into the recent topping action and potential weakness facing some of the vaccine and biotech stock. Next we move the discussion over the recent rally higher in the cryptocurrencies and whether this uptrend can be sustained.  We wrap up by getting Joel’s thoughts on the commodities and in particular the price levels Joel is watching in gold.

Click here to visit the Benzinga website and listen to the recordings of Joel’s Pre-Market Prep Show.

Click here for Joe’s Pre-Market Prep website:

    Aug 24, 2021 24:30 AM

    guys keep it super simple

      Aug 24, 2021 24:07 PM

      Yes, agreed, and glad Joel brought up the K.I.S.S. philosophy today.

        Aug 24, 2021 24:47 PM

        My favorite….. KISS…… 🙂

          Aug 24, 2021 24:56 PM

          I thought you’d like that OOTB. 🙂

    Aug 24, 2021 24:48 PM

    I will join Joel in his proclamation of “Great Job”. Some great questions and answers. Joel was fun as always. Good Team!

      Aug 24, 2021 24:06 PM

      Weird: About 2 mins before closing, my account profits jumped up about 25%. Almost immediately, the profits dropped 30%. Over the last 2 mins, it regained about 25%. I guess that is good. (my mother told me to never play with kids like this)
      Anyway, up +4.91% at close.

      Aug 24, 2021 24:11 PM

      Thanks David, and yes, Joel is always a fun guest to have on the show.

      Congrats on another positive day. Personally my portfolio was not up quite as much as yesterday. Only up 1.5% today overall (whereas yesterday it was 5.7%); but I’ll take that over the pummeling from the last few weeks. 😉

        Aug 24, 2021 24:27 PM

        The last 2 days almost covered last Thurs and Fri losses. Hoping we are in a trend up and cover the others. Seems to be some support from various sources. Fully invested as usual as they have the US economy in the toilet.

          Aug 24, 2021 24:43 PM

          We’ll need to see how things shape up on the weekly candle, Gold and now Silver and the miners have recovered nicely in the last 2 weeks, especially after such a gut wrenching flash crash. So far so good, and it is possible this recent run higher may have some legs to it.

    Aug 24, 2021 24:14 PM

    I have a beef with Australian beef, Canada is a big beef producing country, why are The Australians shipping beef to Canada, they must have a huge subsidy for beef producers in Australia. China and the orient are a huge market for beef products, what is going on here. How do you ship beef to Canada and make a profit. This is a crazy world!

    Aug 24, 2021 24:12 PM

    Cheaper to produce beef in Aus and perceived by Asians to be healthier. It has a slightly wilder taste, which is favored by Chinese. The shipping distance is much closer, especially with the Port of Darwin on the top end. This port is leased to Chinese for 99 years and a lot of beef goes through there.

      Aug 24, 2021 24:45 PM

      That’s interesting on the Chinese preference for the Australian beef. Thanks for that info Terry.

    Aug 24, 2021 24:49 PM

    Disappointing Crude Draw Threatens Shaky Oil Rally

    By Julianne Geiger – Aug 24, 2021

    “The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 1.622 million barrels for the week ending August 20, bringing the total 2021 crude draw so far to more than 58 million barrels, using API data.”

    “Analysts had expected a loss of 2.367 million barrels for the week.”

    “In the previous week, the API reported a draw in oil inventories of 1.13 million barrels—a loss smaller than the 1.259 million barrel draw that analysts had predicted.”

    “Oil prices began to rise on Monday and continued on Tuesday, staunching the bleeding from the previous seven-day streak of losses as concerns about demand began to deescalate.”

    Aug 24, 2021 24:51 PM

    Jeffrey Gundlach: We’re Running Our Economy “Like we’re not interested in maintaining global reserve currency status”

    Julia La Roche – Tue, August 24, 2021

    “Billionaire bond investor Jeffrey Gundlach, the founder and CEO of $137 billion DoubleLine Capital, says his number one conviction over several years is that the U.S. dollar will decline as a consequence of current economic policies, resulting in the U.S. losing its sole reserve currency status.”

    “My number one conviction looking forward a number of years — I’m not talking about the next few months at all, I’m talking about several years — is that the dollar is going to go down,” Gundlach told Yahoo Finance Live in an exclusive interview on Monday afternoon.

    “So the dollar is going down is another reason why ultimately — we touched on gold — I think ultimately gold is going to go a lot higher, but it’s really in hibernation right now,” he added.