Joel Elconin – Is This 2+ Week Market Rally More Than A Bear market Bounce?
Joel Elconin, Co-Host of The Benzinga PreMarket Prep Show and Editor of the Premarket Prep website joins us to discuss the makeup of the current 2+ week market rally. This ties into a discussion on Q3 earnings so far and some of the big name stocks set to report this afternoon and later this week. We also look internationally where markets continue to struggle.
The biggest question is if this rally is the start of something more bullish or simply another bear market rally.
Trend Strength: https://tinyurl.com/4ypebbv9
NatGas Slingshot Bottom Confirmed.
Rounding The First Turn!
Natural Gas : Slingshot Turn
https://saturationtiming.blogspot.com/2022/10/natural-gas.html
PMs Now Lead Into The Backstretch!
/ng…some incomplete patterns yet and the technicals on day week are not there yet…the volume on these 2 days bounce was very light…i cannot call it a breakout yet…it now is at .382 retracement up from the 10/6 swing high…i do not enough experience in nat gas to know if this was a round of futures reversing or what…but it should reverse her for a test of the lows at least, i speculate….
Yes. It’s what I call the ‘Golden C’ — first AB-C off the bottom. Gartley wrote that this is the best entry point.
By my calculations, including off-hours, that UNG .382 is 20.14 (and it just went over that). Some Dollar bounce after today’s strong downturn may set up a buy tomorrow or Thursday.
Did anyone really believe they weren’t going to push stocks higher going into midterm elections.
We have huge inflation problem, world debt crisis building and highest negative foreign issues with Russia, China, Iran, and after midterms this stock mkt could start it’s decline into recession. Fed will certainly take this stock rally to try and raise rates as long as they can because they need a cushion to drop them when this debt crisis and recession hit. So I’m looking for stocks to top off in couple weeks and gold is due for a much needed rally soon but think it also stalls out and everything goes slowly down into next year.
Of course I just speaking from my gut feeling and really don’t have a clue, it’s like being at crap table in Vegas.