Joel Elconin – Powell’s Comments Drop Markets, “The Path Of Least Resistance Is Lower”
Joel Elconin, Co-Host of the PreMarket Prep Show joins me to discuss the recent market downturn triggered by Fed Chair Powell’s hawkish comments on Thursday.
We analyze the effects on the bond market, individual stocks, and the continued pullback in precious metals. Joel also shares his insights on the stabilization of interest rates and the performance of mega-cap tech stocks, which have been a large contributor to the recent market weakness. Additionally, we touch on the dynamics of the bond market, the performance of financial sectors, and the implications of U.S. policy under Trump.
GDX, SILJ, Gold, Silver all fell today while oil and stocks fell more yet IPT rose 23 percent.
For the week the contrast is more impressive. GDX fell 9%; SILJ fell 11%; Gold fell 2%; Silver fell 1%; Oil fell 1.6% and the Nasdaq fell more than 3%.
IPT rose 33.33% on huge volume (49% measured from the lows of Mon thru Thurs) as it chewed through and flushed all sellers of strength.
https://stockcharts.com/h-sc/ui?s=IPT.V&p=D&yr=1&mn=3&dy=0&id=p67361136906&a=824354573
IPT……… impressive…… congrads……
Thanks. Early days for this new bull!
Stock bulls have their work cut out for them. This was a particularly bad time for such a bad end to a week. Next week could seal the deal and kick-off a long bear market and based on the setup in bonds Trump will likely get his falling rates for the majority of his term. If I’m right about those markets then the gold-silver miners will fly the way IPT flew today/this week.
The S&P failed at 2 fork resistances today as well as a meaningful MA envelope resistance…
https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=2&mn=0&dy=0&id=p46353452975&a=1561134977