Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website, joins us to reiterate a few macroeconomic factors and technical resistance levels that have had him expecting the markets to continue rolling over since early February. Joel mentioned that while avoided chasing the markets in late January, and expected a corrective move; however, he is also not ready to put his bear suit on either, as he expects range-bound choppy markets that will frustrate bulls and bears alike.
He was surprised by the short rally in front of the recently announced CPI reading, and the move from value back into more growth names, which really had a big pop in Q4 and following through into January, but it seems that has become more muted now as the dollar and interest rates have begun to raise once again. Joel pointed out the relatively weak reports on Q4 earnings season, and the focus still being on upcoming jobs and inflation data, and looking at analyst reports as shorter-term catalysts.
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