Joel Elconin – Inflation Data Recap, Market Breadth Widening, Bitcoin Hit $64k
Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap this morning’s US inflation data (PCE), small caps stocks looking to breakout, contributing to the widening breadth, and Bitcoin’s recent move to $64k.
Inflation data with in line with expectations which continues to slowly moderate towards the 2% target level. Market are flat on the data but continue to be in strong uptrends with widening breadth. On the breadth front we loom at the IWM chart (small caps) which are looking to breakout from a 2 year sideways channel. This is in the face of generally higher rates.
Final comments are on the strength of Bitcoin, which recently hit $64k. Could a Bitcoin price in the 6 digits be in the cards?
As mentioned on The Closing Print show today Joel will be joined by Michael Pachter, Managing Director at Wedbush Securities. Click here to tune into that conversation on YouTube.
The resource market can throw you for a loop, but I watch certain stocks and read as much as I can, but it looks to me that some silver stocks are about to go ballistic. I am not necessarily referring to the majors. This is a tough game, but maybe the game is on. LOL! DT