Joel Elconin – Extreme Bearish Sentiment Has No One Trusting Any Market Bounces, Does That Mean It’s Early Or Late Stage Bear Market?
June 21, 2022
Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMakret Prep website joins me to discuss general bearish sentiment and the belief by pretty much all traders that markets are going lower. Even during a day like today where all the broad averages are up over 1%, the NASDAQ is up almost 3%, no one is calling for a prolonged run higher. All we hear is that this will be another dead cat bounce/bear market rally. This general belief has now turned into an acceptance that the bear market still has some time to play out.
Click here to visit the PreMarket Prep website to keep up to date with Joel’s market commentary.
Some of the best rallies in market history are just relief rallies, or “dead cat” bounces so we have to be ready for a move that catches a lot of bears by surprise and reinvigorates the perma bulls while not losing sight of the fact that much worse market action is still to come. Matthew Piepenburg sums up the situation very well…
The Marxist monetary system has had over a century to corrupt every aspect of U.S. life (and Western life in general) and that’s exactly what it has done very thoroughly as the character and knowledge of the average citizen makes painfully and pathetically clear. Can such an indoctrinated and dependent population protect (what’s left of) the rule of law and our vital natural rights? The last two years has provided good reason to doubt it yet has also been a catalyst for a great and long overdue awakening. Things are sure to get more “interesting” for awhile…