Joel Elconin – Kicking Off The Year – Market Down Lead By Tech, Dollar Up, Energy Down, Precious Metals Up
Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show joins us to recap a wide range of market moves to kick of 2023.
We start with US markets, that are selling off today, lead by tech stocks. Energy stocks are also lower as Natural Gas is the biggest loser on my screen, down 10%. We then move to the rise in the US Dollar balanced with the rise in precious metals. Finally we touch on the financial stocks, focused on JP Morgan. He is weighing the threat of recession with how well the bank stocks have done.
Tesla Stock Tanks On Delivery Whiff, JPMorgan Note
Brian Sozzi·Anchor, Yahoo Finance Editor-at-Large – Tue, January 3, 2023
“(TSLA) Tesla stock is picking right up where it left off in 2022: Lacking juice.”
“Shares of the EV maker fell more than 14% on Tuesday to their lowest level since August 2020, with investors reacting to a lackluster fourth-quarter delivery figure released on New Year’s Day. Tesla was the top-trending ticker on the Yahoo Finance platform.”
https://finance.yahoo.com/news/tesla-stock-tanks-on-delivery-whiff-jp-morgan-note-160657347.html
Two months ago when TSLA was at 207 I said:
TSLA is just getting started even though it has already been chopped in half.
https://stockcharts.com/h-sc/ui?s=TSLA&p=W&yr=5&mn=0&dy=0&id=p99018146272&a=1272511077
[Today TSLA hit 104]
Matthew – I remember that call you made on Tesla, and it was spot on.
It’s wild how many of the high-flyers from 2021 are have more than been chopped in half, even some of the big tech space leaders.
Silver went up another 18% vs gold following this post:
Matthew
Nov 06, 2022 06:34 PM
It was about 2 months ago that I pointed out this bullish Silver:Gold development and now that ratio has achieved its highest weekly close since April and hasn’t looked better in well over a year:
https://stockcharts.com/h-sc/ui?s=%24SILVER%3A%24GOLD&p=W&yr=2&mn=3&dy=0&id=p75988027450&a=1253135582
NEM had a great day on good volume, up 5% and now +34% since the bear trap low that certain bears around here ignored.
https://stockcharts.com/h-sc/ui?s=NEM&p=D&yr=0&mn=6&dy=0&id=p72125026913&a=1321366352
GDX has been struggling with the 600 day EMA for the last month but now looks like it will finally get through it.
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=0&mn=11&dy=0&id=p29346988298&a=1134176681
Apple’s Stock Market Value Falls Below $2 Trillion
Nivedita Balu and Noel Randewich – Tue, January 3, 2023
“Apple Inc’s stock market value fell sharply on Tuesday following its steep drop last year, putting it on track to end below $2 trillion for the first time since June 2021.”
“The sell-off comes a year after the iPhone maker became the first company to reach the $3 trillion market capitalization milestone.”
https://finance.yahoo.com/news/apples-market-value-falls-below-174028646.html