Joel Elconin – Choppy Markets, Where’s The Next Catalyst, Job Cut Continue and Gold Drops To End The Week

April 21, 2023

Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap a boring week for the markets which has been the story for the whole month. We discuss the earnings environment and earnings so far. We then ask what in the near term could be the next catalyst and how comfortable the Fed is with the economy and inflation.


For specific sectors we look to the drop in gold and silver today and oil’s dip below $80 after the pop earlier this month.




Click here to visit Joel’s website – PreMarket Prep


    Apr 21, 2023 21:14 AM

    The red carpet gets rolled out only to go WHOOOOSH!!!
    Another rug pull for the gold bugs… they fall for it every time.
    Everyone knows that Powell will not stop with the rate hikes, well that is everyone except the gold bugs.
    Rates will continue to rise in defense of the dollar and to the detriment of gold.
    Hope anyone who realizes this here has been SELLING and not buying this recent rally.
    The banking situation was a brief tailwind that has subsided. It’s over and it’s time to get out.
    You will want and need CASH in the future. Inflation is in the process of being tamed, the date clearly shows this.
    Sell your gold, do it now.

      Apr 21, 2023 21:19 PM

      Wow, a bit earlier than expected in this corrective move, as usually your proclamations bottom tick the lows, and in this case, there could actually still be a bit more weakness to play through.

      Your last post on March 7th nailed the lows when Gold pulled back to $1812 that day, and was a perfect contrarian signal on when to deploy cash, not sell everything to raise cash once again. Here is again for reference as to why doing the opposite of your warnings has been a winning strategy.


      @Joe – Mar 07, 2023 07:34 PM

      “You can’t spell Powell without at a POW!!!
      Whammo, right in the kisser the PM bugs take it.
      Sucker punched again by another bear market rally, you guys never learn!
      Darth Powell whipped out his light saber of hawkishness and sliced the PMs like a hot knife thru butter.
      Get in in your heads people, rates are going up and staying up for a long, long time.
      Even oil took it on the chin today.
      That is what you want, that is what YOU WILL NEED!!!!”

      – Ole’ Joe


      Yep, that bottomed ticked the low of the move perfectly. 😉

        Apr 21, 2023 21:25 PM

        It was exactly the same thing on Sept 24th when you bottomed ticked the major lows in the PM mining stocks perfectly that Saturday, as the PM ETFs and most of the major and mid-tier producers started rallying the very next week of Sept 26th. Perfect contrarian signal then, once again, almost to the day…


        @Joe – Sep 24, 2022 24:40 PM

        “And it’s down the tubes again for PMs and the miners.
        I’ve been warning you all for months, how many of you actually listened and took the appropriate action?
        No many from what I can tell.
        It’s far from over.
        You might think we’ve hit the bottom, that the darkest of times for this sector are about to pass, but you’d be wrong to think that.
        The last quarter of this year will be a washout to end all washouts.
        You will see companies in this space trading for less than cash.
        You’ll even see some bankruptcies.
        And no amount of Excelsior multi-paragraph, specious diatribes will stem the tide.
        Strap in, it’ll be a hell of a ride.”


        >> Here is a chart of the GDX showing how perfectly backwards that proclamation above was, and that people should have been deploying their cash for that week to come on Sept 26th, not selling everything to cower in cash at exactly the wrong time. Haha! Gotta love it!

          Apr 21, 2023 21:27 PM

          In contrast, my “diatribes” Ole’ Joe took a swipe at have aged rather well, and were the right call.

          Yes, it WAS a “hell of a ride”…. to the upside for strong double-digit and triple-digit gains for the next 6 months in the metals and PM mining stocks for those of us buying into the oversold weakness in late September, and not selling at precisely the wrong time to raise cash. 😉


          @Excelsior – Sep 24, 2022

          “I liked Goldfinger’s target of $1625 in Gold as potential spot where buying could come in, stop the bleeding, and then cause a reversal squeezing the shorts back higher. It was also encouraging the last 2 weeks to see Silver bounce off $17.40, and then springboard back up into the mid-$19s again, but it lost $19 support already to close this week at $18.91.”

          “There is a lot of bearishness out there, and sentiment is getting about as bad as it was in 2015 again, so that is actually a contrarian bullish signal. The BPGDM chart going down to a reading of 7 is also a contrarian bullish signal, as the market breadth in the gold stocks is fugly. There are other readings of gold stocks below their 200 day moving averages, or making new 52 week lows that are now so bearish, that they look contrarily bullish.”

          “Still, the markets can stay oversold and irrational longer than many can stay solvent, so these conditions could still deteriorate further. The BPGDM could go to 0 and stay there for a month like it did a few years ago, so it isn’t a great timing tool, but at these low levels, it is definitely showing we are closer to at turn than we are a whole leg lower. So while we could still see things sell off further, scaling into positions into this weakness is a solid approach for those that like to catch tradable rallies.”

      Apr 21, 2023 21:02 PM

      Thanks Joe, I was wondering if today was marking a low in the stocks. If, indeed, you are looking for more sellers to buy from at the bottoms, then you are doing better than most of us here on the forum…

        Apr 21, 2023 21:24 PM

        Good one Dan. 🙂

      Apr 21, 2023 21:20 PM

      Joe, you don’t have the foggiest idea what you’re talking about if you think this action qualifies as a “rug pull” or anything even slightly bearish beyond the very short term.
      Gold is still up 23% ($370) since you screamed SELL SELL SELL last October/November and Silver is still up 44% since bottoming last September.
      Keep buying your central bank confetti like every other clown! 🤣🤣🤣

    Apr 21, 2023 21:14 PM

    U.S. Stocks Were Wobbling Amid Mixed Earnings Reports

    Liz Moyer – – Apr 21, 2023

    “U.S. stocks were wobbling early on Friday as mixed earnings reports weighed on sentiment.”

    “Officials from the Federal Reserve threw support behind another quarter of a percentage point increase in interest rates when it meets in early May. Most futures traders are betting on that hike, while also expecting the Fed to pause and perhaps cut rates later this year.”

      Apr 21, 2023 21:24 PM

      Wall St Slips On Mixed Earnings, Fed Rate Uncertainty

      Sruthi Shankar and Ankika Biswas – Apr 21, 2023

      “Wall Street’s main indexes fell on Friday as investors digested a mixed bag of earnings reports, while uncertainty around the outlook for U.S. interest rates and the economy kept investors on edge.”

      “A survey showed U.S. business activity accelerated to an 11-month high in April, at odds with growing signs that the economy was in danger of slipping into a recession as higher interest rates cool demand, further clouding the outlook for the Federal Reserve’s monetary policy.”

    Apr 21, 2023 21:31 PM

    Martin Pring recently had an interesting article on Stockcharts about Gold. It’s for subs only. Here’s an interesting chart

      Apr 22, 2023 22:36 AM

      Thanks for the chart………… looks good to me…. JTLONG…..

    Apr 21, 2023 21:32 PM

    A great sign for the whole gold sector is silver’s performance versus copper. Silver:Copper is a strong monthly chart buy and it just hit a 22 month high as it perfectly touched a falling fork resistance:

    Apr 21, 2023 21:39 PM
    Apr 21, 2023 21:44 PM

    Jordan Roy-Byrne thinks an epic secular bull market in the gold miners is starting and he is correct (whether he fully believes it yet or not).