Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show as well as Editor of the PreMarket Prep website, joins us to review the continued market pressure from both rising interest rates and a surging US dollar. We discuss market expectations around Fed policy, and he feels it is already priced in at this point despite different central bank mouthpieces reiterating another 100 basis points of hikes to come, and feels the tell has been the bonds and how TLT signaled the rollover in markets earlier today. We also get Joel views on different data points we see circulating out there like daily sentiment readings, oversold momentum signals, monthly closes and quarterly closes and more.
When we dive into how to parse the expectations for Q3 earnings season, he reiterated they are expected to be weak, but we also discussed the impact the strong dollar is having on multinational companies, where it is hurting their earnings overseas. Joel will be more focused on how companies provide guidance for Q4 of this year and Q1 of next year, as the forward-looking messaging from companies will be more important than the backward looking numbers from last quarter.
*Cory and I are attending the upcoming New Orleans Investment Conference on October 12-15. We’d love to see you there! It’s a great way to meet company management and spend some time in New Orleans. Click the link below to register and please let us know if you will be there so we can meet up.
Click here to find out more about the conference.