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Joel Elconin – US Markets, Oil, Gold, Are Markets Reaching An Equilibrium To Pre-Covid Times?

Cory
January 24, 2023

Joel Elconin, Co-Host of The Benzinga Pre-Market Prep Show and Editor of the PreMarket Prep website joins us to discuss the “January Effect” which says stocks, especially small-caps perform best in January compared to the rest of the year.

 

We look at the tech sector, which has bounced back strongly, in the face of massive layoffs. There are some big tech earnings coming up in the next couple of days. We also discuss the moves in oil and gold.

 

Joel brings up some comparisons to pre-Covid markets and how 2020 and 2021 represented some outsizes moved. Maybe the markets are moving back to an equilibrium to pre-Covid times.

 

 

 

Click here to visit Joel’s PreMarket Prep website.

Discussion
12 Comments
      Jan 24, 2023 24:03 PM

      U-stocks like (UUUU) have been interesting for the last few years. Haha!

      But yes, there are a few folks like Justin Huhn, and Steve Penny that have been noting that after a rougher 2022, following a solid rip higher in 2019-2021, that many Uranium stocks are looking poised to make a big move one direction or another. Either way it will be interesting, but I’m invested in 7 Uranium stock (including Energy Fuels) betting that the next big move in the cycle will be to the upside.

      Reply
        Jan 24, 2023 24:09 PM

        Hi Shad, I’m watching this sector and currently do not own any U stocks but interesting to see which direction that triangle breaks out. I would love to purchase some Energy Fuels under five bucks!

        Reply
          Jan 24, 2023 24:58 PM

          Yikes! Personally, I wouldn’t want to see Energy Fuels back down below $5 again, but if it went back down there, then yes, adding more to the position would be in order into that kind of weakness.

          UUUU is already my largest weighted of the 7 U-stocks I hold, so at present, it would make me much happier to see it break out and blast higher above $9 instead of breaking down below $5. If that happened then I may lighten up a bit on the position.

          Either way, I’ve got a strategy to address a big move higher or lower.

          Reply
    Jan 24, 2023 24:25 PM

    Monday was a massive” outside day” reversal in silver.

    Per Ira Epstein, he has a rule that if the high of the outside day is taken out within 2 trading days, it was a bear trap. Thus, we would ideally like to see $24.30 taken out tomorrow, which would indicate Monday was a bear trap.

    Reply
      Jan 24, 2023 24:10 PM

      Yes, it is looking like the prior dive down in Silver was likely a bear trap, and false breakdown, based on the follow through trading we’ve seen yesterday afternoon and today. We’ll need to see if Silver can hold in the $23s, but it didn’t stay down there long in the $22s before quickly reversing back up higher on big volume and price action.

      Reply
    Jan 24, 2023 24:51 PM

    7 days in the red for my miners. No trend here.

    Reply
      Jan 24, 2023 24:08 PM

      Lake, get out the violin! DT🤣

      Reply
        Jan 24, 2023 24:09 PM

        One stock does not a portfolio make… don’t look back … the truck is gaining on you. 🥱

        I predicted to the day when my account reversed. And… it had nothing to do with fundamentals or technicals, only account value. Think about that.

        Reply
      Jan 24, 2023 24:08 PM

      My portfolio has mostly been ratcheting higher in the green the last 2 weeks, but really for the last 4 months, but I’m more positioned in the producers, royalty companies, developers, and more advanced explorers. It’s about an 80% weighting to PMs (split evenly between silver and gold – well 77% long PMs and 3% short PMs via a JDST hedge position), 13% Uranium stocks, and 7% base metals and battery metals.

      I’m not ready to dance to a jig yet, but it’s definitely a better trend in resource stocks overall for the last several months for sure. My trading account value hasn’t been up here since April and June of 2022.

      Reply
    Jan 24, 2023 24:14 PM

    So apparently some funky things happened at the open in hundreds of stocks on the NYSE today at the open, and the SEC just left those trades as executed before halting a lot of these stocks. Pretty crazy action due to a glitch.

    _________________________________________________________________________________

    NYSE Publishes List Of Busted Trades From Today’s Market Open Chaos; Leaves Dozens Of Abnormal Trades Stand

    Tuesday January 24, 2023

    “Nearly six hours after the NYSE failed to conduct opening auctions in hundreds of names which led to sheer price chaos, LULD halt triggers and dozens of freaked out traders, moments ago the New Jersey-based stock exchange gave some additional detail, noting that a “system issue” – it is still unclear just what that was – resulted in continuous trading of certain securities commencing at 9:30am ET without an opening auction print. As a result, a number of Core Trading Session trades occurred prior to the receipt of Limit Up Limit Down bands; these trades are eligible under to be reviewed as clearly erroneous.”

    > Here is the full statement:

    https://www.zerohedge.com/markets/nyse-publishes-list-busted-trades-todays-market-open-chaos-leaves-dozens-abnormal-trades

    Reply
    Jan 25, 2023 25:07 AM

    How many times is Wall Street going to sell the Brooklyn Bridge to Retail.with the help of Regulators?

    Reply

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