Joel Elconin – Market Turn Today, Sell The Rip Don’t Buy The Dip!
Joel Elconin, co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us for a week ending market commentary where we are seeing many market reversal throughout the trading day. We look at the S&P, gold, silver, banks, especially JP Morgan post earnings release and a number of other areas that are seeing selling today. Joel is so concerned about the market his strategy is to sell rip and not buy dips.
Click here to visit the PreMarket Prep website to follow along with Joel’s market commentary.
Even though The Price of Gold corrected after this morning’s run up my stocks are all up nicely with Santacruz leading the pack. I do think a correction is good at this point, although I don’t expect it will last long with all of this cental bank buying to get rid of The Dollar! DT
Carnac The Magnificent Swami predicts Gold is headed “To The Moon! LOL! DT
https://en.wikipedia.org/wiki/Carnac_the_Magnificent#/media/File:Carnac_the_Magnificent.jpg
Give me your realistic PT on SCZ
The central banks with the biggest volume of shorts to cover on silver and gold had a stock plummet today. And gold plummeted along with them. Makes ya go, 🤔 hmmm..
Margin call Friday?
High Interest Rates Are Getting More Challenging For Even The Biggest Banks
David Hollerith ·Senior Reporter – Yahoo Finance – Fri, Apr 12, 2024
“A key revenue source for three giant banks fell during the first three months of the year, showing that even the biggest financial institutions are struggling with the same challenges facing the rest of the industry as interest rates remain elevated.”
“JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) all said Friday that their net interest income dropped from the fourth quarter to the first quarter. It was down 4% at JPMorgan, 4% at Wells Fargo, and 2% at Citigroup.”
“For JPMorgan, it was its first sequential drop in nearly three years. Its stock fell by more than 6%, its largest single-day drop since 2020. The stock of Citigroup was down nearly 2%, while Wells Fargo was flat.”
Pushed Up By Central Banks’: BofA Ses Gold At $3,000; UBS At $4,000; Goldman At $2,700
BY TYLER DURDEN
FRIDAY, APR 12, 2024 – 11:40 AM
Hey GlenF…… I said “a lot higher”…… the other day… 🙂