Joel Elconin – Post-Labor Day, With So Much Negativity Around Markets Is There Anything That Could Save The Markets?
Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to focus on the markets now that we are past Labor Day. Nothing noteworthy today in terms of market movement so we look ahead to a lot of the known market negatives but also ask about anything that could turn this bear market around. We also focus on the USD moves as Europe continues to struggle which further benefits the USD.
Yeah, it was still a mixed bag today in the PM stocks, but 2 takeaways I noticed today:
1) Base Metals juniors were under pressure. (not really a surprise with the US Dollar ratcheting even higher to $110.20 and getting as high as $110.54 intraday).
2) Uranium stocks were in the green today overall (with URNM up 4% on the day); diverging from most other resource stocks. (not really a surprise either with so much focus on solutions to the energy crisis and people finally waking up to the important role nuclear power plays in the overall energy grid).
I posted a number of Nuclear Power and Uranium updates on the weekend show to crickets, so maybe people are not in position, but the uranium miners have sure done a lot better than the gold, silver, or base metals miners over the last 2 years and even recently. I only have 7 uranium stocks in my personal portfolio, but still with some nice weightings and they often have helped out the rest of the portfolio on tough days in other sectors, as a diversification strategy.
Here is a candleglance chart of a dozen widely followed Uranium stock names, showing the action over the last 2 months.
I added this morning to Kraken as it was doing pretty well as was Midnight sun. Then I pretty well did something else all day as I was having a deja vu groundhog moment.
Thanks Ex for the charts. I wonder how they are going to build all these cars and nuclear plants without some base metals. I guess we have to keep the Mafia going, but they are probably insulted by being mistaken for Wall Street.
Yeah good point on the sheer amounts of base metals needed to even do a fraction of what they say the want to do. There simply is not enough supply of copper, nickel, zinc, cobalt, etc… to meet the projections they have for wiring up EV charging stations on every corner, for power generation, or energy storage and batteries, or for all the supposedly clean energy initiatives.
The world is also going to be dependent on fossil fuels like oil, nat gas, diesel, and coal for far longer than many countries and politicians projected.
Nuclear energy is simply too important to phase out at this time and is the only 24/7 carbon neutral baselode power source. Nuclear is around 20% of the US electric mix, and about 14% of the global energy mix. There are over 400 nuclear plants in operation, and another 40+ in construction over the next decade, and about that same amount planned or under consideration.
There is not nearly enough Uranium to supply things as is, much less if the nuclear fleet grows; unless more mines on care and maintenance come back online, and some new mines come into production. That should keep the uranium miners well bid in the years to come.
I only hold DNN at this time.
DNN Denison is a good one Canuckski, and one of the U stocks in my portfolio as well.
I went back and looked back at the gold chart overnight. Started off great in US at opening on Sunday night. Hung in there until it hit London and that was the first take down. 2nd came right before US open and when that wasn’t enough took it down again before lunch. All fraud.
It is pretty hard to have increased consumption when the consumer is broke and you have lost your industry, and electricity prices are going through the roof. I see a major “Depression”, on the way. DT
“The Big Bull Market covered a multitude of sins. It is all too easy to indulge in terrible business practices as long as prices rose. But now that the tide is receding there will be a reckoning of great proportion, for the wild speculative concerns that have inhabited The Western World’s economies, backed by nothing but a hope and a dream. DT
Looks like someone in Congress has been Conned and bought. Citizens United got the ball rolling faster. Maybe Corporations shouldn’t be in charge. Maybe the Constitution should be important. But can’t be a good fascist with a Constitution. Maybe we can offshore Fascists.
Man, if anyone believes in green energy transition, they are gravely mistaken. It’s called, grab all the trillions you can up front, and screw the masses out of the rest.
WOKE UP, fools
Something to keep in mind here is the monthly gap on the US dollar I’m betting that the US dollar needs to come back and close that gap therefore putting a short term top and correct in for possibly two months downside target of possibly 104 and if that is the case gold is putting a floor in here at the current moment and just may hold. Food for thought
I don’t see this move in dollar going higher then 112 short term I think we are literally topping here
Everday the same going into the 9th month for me. Started late January. Not sure if there is anything going on but a Wall Street computer.