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While the general market (SPY) has suffered two violent legs down in its cyclical bear market, the Gold Miners Index (GDX) has suffered three legs down and has seen a much more violent bear market.
This has made the sector fertile ground for new investment ideas relative to other sectors. Still, with mining being a complex business and the gold price being quite volatile, the key to outperformance when dabbling in the sector is to own the highest-quality names.
In this update, we’ll look at two of the largest gold miners globally and determine which is the most attractive name from an investment standpoint – Agnico Eagle Mines (AEM) or Newmont Corporation (NEM).
Scale & Business Model
Newmont and Agnico Eagle Mines (“Agnico Eagle”) share very similar business models, given that they are two of the world’s largest gold producers that receive over 90% of their revenue from gold with limited contributions from other metals.

In Newmont’s case, it is the world’s largest gold producer, with 15 operating mines in Africa, North America, South America, and Australia, and annual production of 6.0 million ounces of gold (+ 1.3 million additional gold-equivalent ounces).
Meanwhile, Agnico Eagle has 13 mines across Canada, Finland, Australia, and Mexico and expects to produce 3.4 million ounces of gold this year.
Based on Newmont having slightly more mines (15 vs. 13), double the production profile, and having a massive development pipeline with over ten projects, it certainly wins from a scale standpoint. This slightly edges out Agnico Eagle’s smaller production profile and less robust development pipeline, though Agnico Eagle still has one of the best development pipelines among its peers.
It is also worth noting that while Agnico Eagle has a smaller production profile and slightly less diversification, its jurisdictional profile is superior, with 95% of future production coming from top-rated mining jurisdictions.
That said, Newmont wins by a hair in this category for investors looking for a global producer with diversity.
Newmont – 1 / Agnico Eagle – 0
Growth & Positioning In An Inflationary Environment Environment
Moving to growth, Newmont struggles in this category largely due to its scale. The reason is that it’s much harder for Newmont to grow from its current size due to being the largest gold producer globally by a wide margin.
Meanwhile, Agnico is expected to increase annual production to ~4.0 million ounces by 2025 based on its organic growth profile and its recent takeover offer of Yamana Gold. This growth is expected to come from the consolidation of Canadian Malartic (+300,000 ounces per year), higher mine production from Macassa with a new shaft (+100,000 ounces per year), a higher milling rate at its Detour Lake Mine (+150,000 ounces), as well as smaller projects across its portfolio.
So, while Newmont will struggle to grow production on a 5-year and 10-year basis, Agnico is likely to grow production by 15% and 30%, respectively.
Just as important, Agnico Eagle has lower-cost mines than Newmont, enjoying average all-in-sustaining costs of $1,000/oz vs. Newmont at $1,200/oz. This means each ounce that Agnico pulls out of the ground carries a higher margin.
Additionally, its future growth projects are mostly leveraged off existing assets. The result is that it has seen less impact from inflationary pressures on new projects, given that these are producing sites that will see minor expansions vs. new mines that need to be built or major projects.
Finally, Agnico’s recently completed merger with Kirkland Lake Gold earlier this year led to significant corporate/operational synergies. Because of this deal, Agnico has seen less cost creep than its peers, with these synergies clawing back some lost margins from rising fuel, cyanide, labor, and steel costs.
To summarize, Agnico Eagle is clearly superior from a growth standpoint; the company’s future growth is lower cost given that these are mostly minor expansions vs. new major builds like Ahafo North, and it’s better positioned to deal with inflationary pressures due to its higher employee to contractor ratio. The latter means that Agnico relies less on contractors where labor rates are higher, leading to less volatility in its costs.
So, Agnico wins by a wide margin in this category, and this is a big deal because it means that even with flat gold prices, the company’s annual EPS will grow sharply due to rising production/sales volumes.
Newmont – 1 / Agnico Eagle – 1
Valuation
Lastly, from a valuation standpoint, Newmont is trading at approximately ~9.7x FY2023 cash flow per share estimates at a share price of $44.00, and Agnico Eagle is trading at ~8.3x FY2023 cash flow per share estimates.
From a P/NAV standpoint, AEM trades at a discount to Newmont in this category as well, sitting at closer to 0.95x P/NAV vs. Newmont at 1.05x P/NAV.

I believe Agnico Eagle could easily justify a premium to Newmont given its lower-risk jurisdictional profile, more attractive growth profile, and higher margins per ounce. Hence, I see Agnico having a clear valuation disconnect vs. Newmont, and Agnico could increase nearly 20% in value just to close this gap.
This point does not suggest that Newmont isn’t also attractively valued at $44.00 per share, but it is merely to point out that Agnico has a much larger margin of safety. In a sector where things can go wrong, even in the best mining jurisdictions, the larger margin of safety is always more attractive.
So, Agnico wins in this category and is clearly the superior company for investors looking for exposure to a large-cap gold producer.
Newmont – 1 / Agnico Eagle – 2
Final Verdict
Both Newmont and Agnico are solid companies, but Agnico Eagle has a phenomenal track record of dividend growth (20% growth rate since 2004) that rivals many Dividend Aristocrats, and its growth profile is a clear differentiator vs. its peer group.
So, with Agnico trading a discount to its historical multiple (12.5x cash flow) with a 3.80% dividend yield and at a rare discount to its peer group, I see the stock as a Buy on any weakness.
Disclosure: I am long AEM
Taylor DartINO.com Contributor
Disclaimer: This article is the opinion of the contributor themselves. Taylor Dart is not a Registered Investment Advisor or Financial Planner. This writing is for informational purposes only. It does not constitute an offer to sell, a solicitation to buy, or a recommendation regarding any securities transaction. The information contained in this writing should not be construed as financial or investment advice on any subject matter. Taylor Dart expressly disclaims all liability in respect to actions taken based on any or all of the information in this writing.

With fast and furious rate hikes yet to succeed in bringing inflation under control, the stock market is expected to witness further volatility. However, the energy sector remains well-positioned to thrive with tight supply and rising global demand pushing oil prices higher.
While OPEC+’s decision to cut oil production by 2 million barrels/day and limited availability of Russian oil will keep supply tight, OPEC expects global oil demand to increase to 103 million barrels per day (BPD) next year.

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Besides being the relatively cleaner alternative among fossil fuels, the natural gas liquid market is set to grow at 5.7% CAGR to reach $29 billion by 2030. Hence, it would be opportune to capitalize on the industry tailwinds and load up on oil and gas stocks Diamondback Energy, Inc (FANG) and Baker Hughes Company (BKR) as some technical indicators point to solid upsides.
Diamondback Energy, Inc (FANG)
FANG is an independent oil and gas company with a market capitalization of $34.89 billion. The company is involved in acquiring, developing, exploring, and exploiting unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It operates through two segments: the upstream segment and the midstream operations segment.

Over the last three years, FANG’s revenue grew at a 44% CAGR, while its EBITDA grew at 41.7% CAGR. Over the same time horizon, the company’s net income grew at a 67.2% CAGR.
During the third quarter of the fiscal year 2022, ended September 30, FANG’s total revenues increased 27.6% year-over-year to $2.44 billion. During the same period, the company’s income from operations increased 38.7% year-over-year to $1.61 billion, while its adjusted EBITDA increased 68.2% year-over-year to $1.91 billion.
FANG’s adjusted net income for the quarter came in at $1.14 billion or $6.48 per share. Due to high cash margins, and best-in-class well costs, the company generated nearly $1.2 billion in free cash flow, of which it returned around 75% to shareholders through share repurchases and dividend payouts.
Analysts expect FANG’s revenue and EPS for the fiscal year ending December 2022 to increase 42.4% and 120.1% year-over-year to $9.68 billion and $24.80. The company has surpassed consensus EPS estimates in each of the trailing four quarters.
FANG is trading at a discount compared to its peers, indicating further upside potential for the stock. In terms of forward P/E, FANG is presently trading at 6.51x, 18.7% lower than the industry average of 8x. Also, it is trading at a forward EV/EBITDA multiple of 4.9, compared to the industry average of 5.81.
The stock is currently trading above its 50-day and 200-day moving averages of $138.32 and $133.16, respectively, indicating an uptrend. It has gained 15.3% over the past month and 48.9% year-to-date to close the last trading session at $163.49.
MarketClub’s Trade Triangles show that FANG has been trending UP for all three time horizons. The long-term and intermediate-term trends for FANG have been UP since October 6, 2022, while its short-term trends have been UP since October 31, 2022.
Source: MarketClub
The Trade Triangles are our proprietary indicators, comprised of weighted factors that include (but are not necessarily limited to) price change, percentage change, moving averages, and new highs/lows. The Trade Triangles point in the direction of short-term, intermediate, and long-term trends, looking for periods of alignment and, therefore, strong swings in price.
In terms of the Chart Analysis Score, another MarketClub proprietary tool, FANG scored +90 on a scale from -100 (strong downtrend) to +100 (strong uptrend), indicating that the uptrend is likely to continue. While FANG shows intraday weakness, it remains in the confines of a bullish trend. Traders should use caution and utilize a stop order.

The Chart Analysis Score measures trend strength and direction based on five different timing thresholds. This tool takes into account intraday price action, new daily, weekly, and monthly highs and lows, and moving averages.
Click here to see the latest Score and Signals for FANG.
Baker Hughes Company (BKR)
BKR is an energy technology company with a market capitalization of $29.36 billion. The company operates through three segments: Oilfield Services (OFS); Oilfield Equipment (OFE); Turbomachinery & Process Solutions (TPS); and Digital Solutions (DS). BKR’s revenue grew at a 6.8% CAGR over the past five years.
For the fiscal 2022 third quarter, ended September 30, 2022, BKR’s revenue increased 5.4% year-over-year to $5.37 billion. During the same period, driven by higher volume and pricing with all segments expanding their margins, the company’s adjusted operating income and adjusted EBITDA increased 25.1% and 14.2% year-over-year to $503 million and $758 million, respectively.
The adjusted net income attributable to BKR for the quarter came in at $264 million or $0.26 per share, up 87.2% and 62.5% year-over-year, respectively.

Analysts expect BKR’s revenue and EPS for the fiscal year ending December 2022 to increase 4% and 45.7% year-over-year to $21.36 billion and $0.92, respectively. Both metrics are expected to keep growing over the next two fiscals.
In terms of forward P/E, BKR is currently trading at 31.72x compared to the industry average of 8x. However, its forward Price/Sales multiple of 1.36 compares to the industry average of 1.49.
BKR’s stock is currently trading above its 50-day and 200-day moving averages of $24.48 and $29.35, respectively, indicating a bullish trend. It has gained 32.6% over the past month to close the last trading session at $30.62.
MarketClub’s Trade Triangles show that BKR has been trending UP for all three time horizons. The long-term trend for BKR has been UP since November 1, 2022, while its intermediate and short-term trends have been UP since October 17 and October 13, 2022, respectively.
Source: MarketClub
In terms of the Chart Analysis Score, BKR scored +90 on a scale from -100 (strong downtrend) to +100 (strong uptrend), indicating that the uptrend is likely to continue. While BKR shows intraday weakness, it remains in the confines of a bullish trend. Traders should use caution and utilize a stop order.

Click here to see the latest Score and Signals for BKR.

After two quarters of subscriber declines and slowing growth, streaming major Netflix, Inc. (NFLX) bounced back in some fashion as it added more subscribers than analysts estimated in the third quarter. NFLX reported a net gain of 2.41 million subscribers, which was considerably higher than the average 1.1 million additions expected by analysts.
Amid rising competition from other streaming platforms, NFLX reported a subscribers decline of roughly 200,000 in the first quarter and 970,000 in the second quarter, leading its shares to nosedive.
The higher-than-expected subscriber addition in the third quarter surprised the market. NFLX shares jumped after the company’s results were announced on October 18, 2022.
Source: MarketClub
NFLX has had a torrid time this year, with its stock declining 55.3% in price year-to-date to close the last trading session at $269.06. However, its shares have gained 12.6% over the past month.
The company comfortably beat Wall Street revenue and earnings estimates in the last reported quarter. Its revenue and EPS beat the estimates by 1.1% and 43.1%, respectively.

After a poor first half where The Walt Disney Company (DIS) overtook NFLX as the market leader, the company took up massive changes, such as introducing ad-supported streaming and cracking down on shared accounts. The company is also considering a cloud-gaming service.
In its letter to its shareholders, the company said that it expects 4.5 million new subscribers in the fourth quarter and expects its revenue to grow to $7.78 billion. Its subscriber guidance is higher than analysts’ estimates of 4 million.
In the shareholder letter, NFLX executives said, “After a challenging first half, we believe we’re on a path to reaccelerate growth.” The company debuted its advertising-supported tier in the United States, dubbed “Basic with Ads,” for $6.99 a month, which is below Disney’s ad-based price point of $7.99. It is expected to be launched in eleven other countries by November 10.
Moreover, as it looks to crack down on account sharing, the company, in its letter, said, “landed on a thoughtful approach to monetize account sharing, and we’ll begin rolling this out more broadly starting in early 2023.”

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Here’s what could influence NFLX’s performance in the upcoming months:
Mixed Financials
NFLX’s revenues increased 5.9% year-over-year to $7.92 billion for the third quarter ended September 30, 2022. Its net income declined 3.5% year-over-year to $1.39 billion. The company’s EPS came in at $3.10, representing a decline of 2.8% year-over-year.
Its net cash provided by operating activities increased 576% year-over-year to $556.81 million. In addition, its non-GAAP free cash flow increased 544.1% year-over-year to $471.85 million. Also, its operating margin was 19.3%, compared to 23.5% in the year-ago period.
Mixed Analyst Estimates
Analysts expect NFLX’s EPS for fiscal 2022 to decline 8.2% year-over-year to $10.31. On the other hand, its revenue for fiscal 2022 is expected to increase 6.3% year-over-year to $31.58 billion.
Its consensus EPS and revenue estimates for fiscal 2023 of $10.69 and $33.87 billion indicate a 3.7% and 7.2% year-over-year increase, respectively.
Mixed Profitability
In terms of the trailing-12-month gross profit margin, NFLX’s 39.62% is 21.3% lower than the 50.32% industry average. Its 1.47% trailing-12-month Capex/Sales is 61.8% lower than the industry average of 3.84%.
On the other hand, its 18.16% trailing-12-month EBIT margin is 96% higher than the 9.27% industry average. Also, its 16.03% trailing-12-month net income margin is 234.6% higher than the 4.79% industry average.
Technical Indicators Show Promise
The recovery of NFLX remains uncertain, considering its mixed fundamentals, but the stock’s trends are promising, which traders could capitalize on.
According to MarketClub’s Trade Triangles, the long-term trend for NFLX has been UP since August 4, 2022, and its intermediate-term trend has been UP since October 17, 2022. However, the stock’s short-term trend has been DOWN since November 1, 2022.
Source: MarketClub
The Trade Triangles are our proprietary indicators, comprised of weighted factors that include (but are not necessarily limited to) price change, percentage change, moving averages, and new highs/lows. The Trade Triangles point in the direction of short-term, intermediate, and long-term trends, looking for periods of alignment and, therefore, intense swings in price.

In terms of the Chart Analysis Score, another MarketClub proprietary tool, NFLX scored +75 on a scale from -100 (strong downtrend) to +100 (strong uptrend), indicating Bull Market Weakness. While NFLX shows signs of short-term weakness, it remains in the confines of a long-term uptrend.

The Chart Analysis Score measures trend strength and direction based on five different timing thresholds. This tool considers intraday price action; new daily, weekly, and monthly highs and lows; and moving averages.
Click here to see the latest Score and Signals for NFLX.
What’s Next for Netflix, Inc. (NFLX)?
Remember, the markets move fast and things may quickly change for this stock. Our MarketClub members have access to entry and exit signals so they’ll know when the trend starts to reverse.
Join MarketClub now to see the latest signals and scores, get alerts, and read member-exclusive analysis for over 350K stocks, futures, ETFs, forex pairs and mutual funds.
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Best,The MarketClub Team[email protected]

Federal Reserve Chairman Jerome Powell should have started the November Federal Reserve meeting press conference with one of the more widely used movie quotes, “there’s a storm coming.” Chairman Powell’s comments after the Fed meeting were certainly the most hawkish we have heard from him.
First, the Federal Reserve Board unanimously voted for the 0.75% rate hike. That alone is a sign that all members of the Fed believe we still need to slow the economy to fight inflation.
During the press conference, Powell took this perhaps another step further when he was asked a question and responded that inflation hasn’t been coming down as fast as the Fed had hoped.
Powell’s answer about inflation not coming down as his team expected came after he indicated the likelihood of a soft landing was diminishing. Powell mentioned that November’s 0.75% hike, the fourth hike of that amount in four consecutive meetings, was “fast pace,” however, he also insisted that it was “appropriate” given our current situation, referring to high inflation.

Powell also stated the Fed has some ways to go with future rate hikes. He continued, “We may move to higher levels than we thought.”
Another concerning statement came when Powell said, “the question of when to moderate the pace of increases is now much less important than the question of how high to raise rates and how long to keep monetary policy restrictive.”
I had written in the past that I felt the Fed Chairman was “sugar coating” the inflation situation to help stabilize the economy and the market’s reactions to his comments.
However, Jerome Powell’s comments on November 2, 2022, were the first time he did not come across as soft or sugar-coating about what is happening with inflation and the economy. In several ways, the Federal Reserve Chairman is telling the world that inflation is enemy number one and that what the Fed has done up to this point is not working.
So, what does this all mean for the average investor?
As Powell said, the most likely outcome is falling into some recession. Obviously, no one knows how bad the coming downturn will be or how long it will last.
But, based on Powell’s comments and those from other Central Bank officials worldwide, it is tough to deny that we are, at best, heading into a recession, if not already in one.
Therefore, the best thing to do is protect your investment funds. The best thing to do is hedge your portfolio. You can do this in several ways, which I have explained over the last few months.
You can invest in short Exchange Traded Funds like the Direxion Daily S&P 500 Bear 1X Shares ETF (SPDN). This ETF will increase in value as the S&P 500 declines in value, which is very simple.
Another strategy would be to buy ETFs that short long-term Treasury Bonds. Something like the Simplify Interest Rate HJedge ETF (PFIX) has performed amazingly well in 2022 as the Fed has increased interest rates.
One more investment you can make is buying an ETF or group of ETFs that will benefit from a rising dollar.
As we have seen over 2022, as the Fed raises rates and US Treasury Bonds pay a higher yield, investors worldwide have flocked to the US dollar. This has sent the dollar higher and brought other currencies lower.

With Powell saying he doesn’t know how high he will have to raise rates, there is a good chance the dollar will continue strengthening. Buying an ETF like the Invesco DB Dollar Index Bullish Fund (UUP) will help your portfolio if the dollar strengthens and stocks continue to fall.
When the markets seem to be falling every day, and your account balances continue to decline, you want to keep a clear and focused head. That means you probably don’t want to panic and sell out of all your long-term positions.
But you also don’t want to sit there like a deer in headlights and watch your portfolio bleed.
Hedging your long-term investments with some small positions that will benefit if the market continues on its current course is a smart way to help ease the pain of a bear market.
Matt ThalmanINO.com ContributorFollow me on Twitter @mthalman5513
Disclosure: This contributor did not hold a position in any investment mentioned above at the time this blog post was published. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.

With increasing climate change concerns, rising costs of fossil fuels due to geo-political turbulence and ever-depleting supplies, and growing inclination toward lower operational and maintenance costs, the global automotive industry is fast transitioning toward e-mobility.
Including electric vehicles, charging networks, infrastructure, and energy storage, the global electric mobility ecosystem is projected to grow at 23.7% CAGR between 2022 and 2029. The following chart illustrates the key milestones in the impressive growth trajectory of electric vehicles.
Source: wri.org
While high input and borrowing costs amid record-high inflation and an increasing interest rate environment impeding the EV industry’s growth, EVs are expected to keep replacing Internal combustion engine vehicles at an increasing rate each year.

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However, since the EV industry is expected to bear the brunt of the macroeconomic headwinds in the near term, investors are advised to exercise caution and not to bottom fish NIO Inc. (NIO) and Blink Charging Co. (BLNK), as some technical indicators point to further downside in these stocks.
NIO Inc. (NIO)
China-based NIO designs, develops, manufactures, and sells high-end smart electric vehicles. With a market capitalization of $16.01 billion, the company also offers energy and service packages; design and technology development activities; manufacture of e-powertrains, battery packs, and components; and sales and after-sales management activities. Over the last three years, NIO’s revenue has grown at a 70.6% CAGR.
During the second quarter of the fiscal year 2022 ended June 30, 2022, NIO’s adjusted loss from operations widened 360.1% year-over-year to $351.60 million due to Covid-related challenges and cost volatilities. The company’s adjusted net loss came in at $338.50 million, widening 575.1% year-over-year, while its adjusted net loss per ordinary share worsened by 538.1% from the prior-year period to $0.20.
NIO is expected to report a loss of $0.71 per share for the fiscal year ending December 2022. The company is also expected to incur a net loss during the next fiscal year. Additionally, the company has missed its consensus EPS estimates in each of the trailing four quarters.
NIO is currently trading at a premium compared to its peers, indicating a downside risk of holding the stock. In terms of forward EV/Sales, NIO is trading at 1.64x, 52.2% higher than the industry average of 1.08x. Also, it is trading at a forward Price/Sales multiple of 1.99, compared to the industry average of 0.83.
The stock is currently trading below its 50-day and 200-day moving averages of $16.35 and $19.34, respectively, indicating a downtrend. It has lost 42.8% over the past month to close the last trading session at $9.69.
MarketClub’s Trade Triangles show that NIO has been trending DOWN for all three-time horizons. NIO’s long-term and intermediate-term trends have been DOWN since September 29, 2022, while its short-term trend has been DOWN since October 19, 2022.
Source: MarketClub
The Trade Triangles are our proprietary indicators, comprised of weighted factors that include (but are not necessarily limited to) price change, percentage change, moving averages, and new highs/lows. The Trade Triangles point in the direction of short-term, intermediate, and long-term trends, looking for periods of alignment and, therefore, intense swings in price.
In terms of the Chart Analysis Score, another MarketClub proprietary tool, NIO scored -100 on a scale from -100 (strong downtrend) to +100 (strong uptrend), indicating that the downtrend is likely to continue. Traders should use caution and set stops.

The Chart Analysis Score measures trend strength and direction based on five different timing thresholds. This tool considers intraday price action; new daily, weekly, and monthly highs and lows; and moving averages.
Click here to see the latest Score and Signals for NIO.
Blink Charging Co. (BLNK)
With a market capitalization of $735.74 million, BLNK owns, operates, and provides electric vehicle (EV) charging equipment and networked EV charging services in the United States and internationally.
The company’s segments include the Blink EV charging network (the Blink Network) and Blink EV charging equipment, also known as electric vehicle supply equipment (EVSE), and other EV-related services. BLNK has grown its revenue at a 67% CAGR over the last five years.
In the fiscal 2022 second quarter ended June 30, 2022, BLNK’s loss from operations widened 77.9% year-over-year to $21.96 million, while the adjusted EBITDA deteriorated 93.9% year-over-year to $15.60 million. The company’s net loss widened 68.1% year-over-year to $22.62 million. This translates to an adjusted quarterly loss of $0.41 per share, worsening 32.3% year-over-year.
Analysts expect BLNK’s loss per share for the fourth quarter of the current fiscal year (ending December 2022) to widen 8.9% year-over-year to $0.49. Furthermore, BLNK has missed the consensus EPS estimates in three of the trailing four quarters.
Despite the weak business performance, BLNK is trading at a frothy valuation compared to its peers. In terms of forward EV/Sales, BLNK is trading at 11.89x, 630% higher than the industry average of 1.63x. Also, it is trading at a forward Price/Sales multiple of 13.34, compared to the industry average of 1.26.
The stock is currently trading below its 50-day and 200-day moving averages of $18.40 and $20.18, respectively, indicating a bearish trend. It has lost 20.6% over the past month to close the last trading session at $14.47.

MarketClub’s Trade Triangles show that BLNK has been trending DOWN for two of the three-time horizons. The long-term and intermediate-term trends for BLNK have been DOWN since October 7 and September 22, 2022, respectively. However, its short-term trend has been UP since October 25, 2022.
Source: MarketClub
In terms of the Chart Analysis Score, BLNK scored -85 on a scale from -100 (strong downtrend) to +100 (strong uptrend), showing short-term strength. However, look for the longer-term bearish trend to resume. As always, continue to monitor the trend score and set stops.

Click here to see the latest Score and Signals for BLNK.
What’s Next for These EV Stocks?
Remember, the markets move fast and things may quickly change for these stocks. Our MarketClub members have access to entry and exit signals so they’ll know when the trend starts to reverse.
Join MarketClub now to see the latest signals and scores, get alerts, and read member-exclusive analysis for over 350K stocks, futures, ETFs, forex pairs and mutual funds.
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Best,The MarketClub Team[email protected]

Last week the top ten cryptocurrencies ranking was reshuffled as Dogecoin (DOGE) shot straight to the eighth place with a market cap just under $18 billion. If we skip stable coins and exchange related coin BNB then this meme coin seized the #4 spot right below the Ripple (XRP).
If we look at the seven-day performance of top ten cryptos in the table below – none of them could boast the triple digit gain that we see in Dogecoin with +125% growth.
If this rally stays intact, the Ripple could lose its #3 spot soon. The price of the DOGE should add another 1/3 to 18 cents for this to happen.
Source: coinmarketcap.com
What has fueled such a strong rally of this coin? The main reason is the hope that comes with the final takeover of Twitter by Elon Musk, who is a big fan of the DOGE and he pledged to support this meme coin.

Let me show you the anatomy of the rally in the 3-hour chart below.
Source: TradingView
The 5-6 cents level was the base for the coin’s rally as we can see the largest volume profile zone (orange) there and tiny bars of low activity on the volume graph (red/green vertical bars).
The volume bars started to grow from the last Tuesday to become visible on the chart. It was mostly green as the price crossed the 8 cents handle when the video with Mr. Musk visiting the Twitter office has flown around the world.
The real rally started after Elon closed the deal on Twitter last Friday at the end of the day. The largest green volume bar pushed the price beyond 15 cents on Saturday. The price has crossed over the moving average (purple, seen on the weekly chart below) above $0.1175. The same day we can see some profit taking as volume bars turned red when the price dipped to retest the moving average. After that, the DOGE resumed higher.
The 13 cents level is a large volume profile area above the moving average. The next support is the 8-9 cents level where buyers accumulated a decent volume ahead of the rally.

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Let us move on to the big map to see what’s beyond the short-term horizon.
Source: TradingView
Last week’s bar alone has reversed back almost all losses of the coin from this May as the price eyes the next resistance at 18 cents. The purple one-year moving average I was talking above has been shown in this weekly chart. The price has surpassed it to jump into a bullish mode.
The RSI has crossed over the crucial 50 level like a knife through butter.

I added Twitter stock price (TWTR, blue line, scale B) to the chart as I noted a strong correlation between these two instruments. We could call it Elon’s toys chart. The TWTR is a leader as it moves ahead of the coin. The DOGE followed both the previous rally of the Twitter stock and the following collapse of it.
This time the stock price has turned higher much earlier than the coin as the takeover news spurred a strong demand for the media stock. If history may repeat itself, the meme coin could try to catch up with the Twitter’s rally to fly to 40 cent area. It is just slightly above the next resistance of 35 cents based on the top of August 2021.
I guess many fans of the coin are waiting for the price to revisit the all-time high of 74 cents sooner or later.
The bearish scenario will be triggered if the RSI sinks below 50 and the price falls under the hype area of 8-9 cents.

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Intelligent trades!
Aibek BurabayevINO.com Contributor
Disclosure: This contributor has no positions in any stocks mentioned in this article. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.

Over the past number of years, the best investments nearly all came out of the technology sector. We had terms like the FANNG stocks coined, we were told value-investing was dead, and year after year, the stable dividend-paying stocks just slowly trailed behind high-flying technology companies.
But, towards the end of November 2021, things began to change.
In November of 2021, the Nasdaq was up 130% on a five-year chart but is now up just 61%. The same chart shows the Dow was up 55% when the NASDAQ hit its peak but is now up just 37% over the last five years. On a year-to-date chart, the NASDAQ is down 31%, while the Dow is off just 11%.
If you look at individual technology stocks, it can get even worse. For example, Tesla is down 44% year-to-date, while Meta is off more than 70% since the start of the year.

But, something like boring old Coke-Cola, is flat on the year. And I should mention Coke is yielding a 2.96% dividend, which, if calculated into the year-to-date return, would put your investment ahead for 2022. Not very many big-name NASDAQ technology stocks can say that.
Every investor wants a big return. Seeing a stock climb 10, 20, 30 percent, or more in a single year. And it certainly beats seeing a stock climb a measly 4 to 6 percent.
However, the more important thing investors need to remember is that when stocks rise by double digits or more, they probably carry a lot more risk than a stock that hardly looks alive.
The Dow Jones Industrial average is full of stocks that creep along. They don’t seem like suitable investments if you look at them on one-year charts. But, over decades, these stocks have been outstanding performers, especially if you add dividends, when considering their total returns.
Furthermore, the slow growth comes with low, or at the very least, much lower risk than the higher return stocks. That low risk could be what keeps you from making a rash decision with your portfolio.
When a holding in your account is down 40 or 50 percent in a year, it is easy to simply say you are cutting your losses and selling the stock.
However, history has proven the best method of investing is a long-term buy and hold. And that means holding stocks when they are down or lost massive amounts of value.
If you want to take your investing one step further, you can add to your positions when they are down. But, it is much easier to talk yourself into buying more of a stock when it’s down 10% compared to one that is down 50%.
Most investors, especially ones that may not have experienced a significant market correction like what we are seeing today, don’t know how it feels emotionally or even physically when your account takes a massive nose dive.
Thus, until you have an understanding of how you are going to react to a decline in a significant amount of value, you really should stick to more conservative investments.
As dull as it sounds, buying Exchange Traded Funds that track the Dow, like the SPDR Dow Jones Industrial Average ETF (DIA), is a safe, long-term bet. DIA is down 9.21% over the last year or 11% year-to-date. But it is up 7.8% annualized over the last three years and 11.72% annualized over the previous ten years.
In one year, owning DIA will not make you rich. Or even make you life-changing money. However, it is likely to do both over a few decades or more.
Other options are the Invesco Dow Jones Industrial Average Dividend ETF (DJD) or, my personal favorite, the Proshares S&P 500 Dividend Aristocrats ETF (NOBL).
DJD invests in just Dow components and weights them by dividend yield. DJD is 3.5% over the last year and 7% year-to-date while paying a 3.3% dividend yield.
NOBL is a little broader, pulling stocks from the S&P 500, but only those that have been paying and increasing their dividends for at least the last 25 consecutive years. NOBL is down a little more than DJD, at 11.23% year to date and 6.23% over the previous year, but it has 65 holdings compared to just 28 with DJD. So that gives you a little more diversity.
Investing in any form is all about the risk versus the reward. The higher the risk, the better the reward. But most people forget that investing is not just about the reward.
The balancing act we must conduct and find a happy medium with how much risk we are willing to take to gain a particular reward is very important.

I know people who take oversized risks regularly and are perfectly fine with their exposure. I also know people who have avoided the stock market their entire lives because even the most ultra-conservative investments meant they could still potentially lose money, and they were not OK with that.
Each person has to find what is right for them.
I will leave you with this last thought. There is nothing wrong with playing it conservatively, and it is probably the right way for most investors to invest, especially when the market is ripping higher.
If you don’t think that is the case, ask a friend who invested heavily in high-risk, high-reward technology stocks over the last few years how they feel today.
Matt ThalmanINO.com ContributorFollow me on Twitter @mthalman5513
Disclosure: This contributor did not hold a position in any investment mentioned above at the time this blog post was published. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.

It’s been a challenging two years for investors in the gold space, with the metals making no progress since Q3 2020 and the Gold Miners Index (GDX) suffering a 52% decline from its highs.
This violent bear market can be attributed to significant margin compression for most gold producers, with them being hit by inflationary pressures (fuel, steel, cyanide, labor) and the impact of a lower gold price on sales.
The result? Margins are down over 25% on average from Q3 2020 peak levels.
(Source: TC2000.com)
On the surface, this might not seem like a very attractive investment thesis given that gold producers are price-takers, gold continues to trend lower, and they’re already seeing margin compression at $1,660/oz.

However, the 52% correction in the GDX has left sector-wide valuations at their lowest levels since 2018, when all-in-sustaining cost margins were at $200/oz, nowhere near the $500/oz margins currently.
Hence, I believe this negativity is more than priced into the sector, especially if gold can find a floor near $1,600/oz, which looks likely given that we have extreme pessimism.
That said, not all miners are created equal, so it’s essential to focus on quality and those names bucking the margin trend. In this update, we’ll look at two names trading at deep discounts to net asset value that have outstanding business models:
Agnico Eagle Mines (AEM)
Agnico Eagle (AEM) is the world’s third-largest gold producer with a $20.3BB market cap. The company has 11 mines in four countries (Australia, Canada, Mexico, and Finland), with over 95% of its gold production coming from Tier-1 ranked jurisdictions, deemed to be the most favorable from a permitting and geopolitical standpoint.
The company recently released its Q3 2022 production results and produced 817,000 ounces of gold at $779/oz costs, a significant increase from the year-ago period due to its merger with Kirkland Lake Gold.
While most producers in the sector have seen a $150/oz increase in costs since Q3 2020 due to inflationary pressures, Agnico Eagle has been much more resilient than its peers, seeing only a $50/oz increase. This is because it’s benefiting from significant corporate and operational synergies related to its merger, potentially shaving up to $50/oz off its all-in-sustaining costs.
Meanwhile, the merger brought three lower-cost mines into Agnico’s portfolio, reducing the consolidated costs for the portfolio. Hence, Agnico Eagle is bucking this trend, yet it’s still been sold off similarly to the GDX, down 50% from its highs.
(Source: FASTGraphs.com)
Following this violent decline in the share price despite much better cost performance than its peer group, Agnico has found itself trading at just ~8.3x FY2022 cash flow estimates ($5.41) at a share price of $45.00. This is a massive discount to its historical cash flow multiple of 13.7, and this discount makes even less sense given that AEM should trade at a premium to its historical multiple.
The reason is that it now has a larger and more diversified portfolio, two of the highest-grade mines globally (Fosterville and Macassa), and higher margins due to its lower costs.
Based on what I believe to be a fair multiple of 13.0x cash flow, I see a fair value for the stock of $70.20. Hence, I see this multi-quarter correction as a gift with a ~57% upside to its target price.
i-80 Gold (IAUX)
i-80 Gold (IAUX) is a much smaller cap company with a market cap of $400MM that has an industry-leading production growth rate.
Usually, I do not invest in small-cap gold stocks, given that there are more than enough options in the mid-cap and large-cap producer space. However, occasionally an opportunity comes along that is far too interesting to pass up, which is the case here.
This is because i-80 Gold is expected to be a 70,000-ounce producer in FY2023, but plans to increase production to more than 250,000 ounces by 2025 and over 500,000 ounces by 2028.
Notably, all of its assets are in the #1 ranked mining jurisdiction globally due to infrastructure, geologic potential, and ease of permitting: Nevada.
(Source: Company Filings, Author’s Chart & Estimates)
On top of this exceptional growth rate and a relatively simple Hub & Spoke model that it plans to employ (three mines feeding a centralized autoclave facility), i-80 Gold continues to hit some of the highest-grade intercepts sector-wide at its Ruby Hill and Granite Creek Projects.
In fact, the drill results at these properties are in line with the grades we’re seeing from the best projects held by $20BB+ companies, and this should help i-80 Gold to increase its resource base from 15.0 million ounces of gold to more than 19.0 million ounces of gold over the next two years.
This would leave i-80 Gold trading at a valuation of just $21.00/oz for a company that’s expected to extract gold at less than $1,000/oz costs ($700/oz margin).

It’s also worth noting that this $21.00/oz market cap per ounce figure doesn’t factor in the company’s $100MM in cash on its balance sheet.
So, why is the stock down sharply over the past month?
During a bear market, good news often gets ignored, and when it comes to tax-loss selling and redemptions, investors sell without logic and because they have to, with this form of forced selling occasionally leaving stocks trading at deep value levels.
I believe this is the case for i-80 Gold, given that the company has released world-class polymetallic results which the market yawned at, and it added more ounces at one of its flagship projects, and the result was that the stock was sold off further.
So, for those that understand the story closely, this has created a phenomenal opportunity to start a position.
If i-80 can deliver on its promises, I see a fair value for the stock of $1.45BB (1.0x price to net asset value) or US$4.90 per share by 2025 (190% upside).
If it delivers on its stretch targets, I would not be surprised to see the stock trade above US$6.00 by 2026.
In summary, I see this pullback as one of the best buying opportunities in the gold sector I’ve seen in the 15 years I’ve traded the sector; I plan to continue accumulating the stock on weakness below US$1.90.
Disclosure: I am long AEM, IAUX
Taylor DartINO.com Contributor
Disclaimer: This article is the opinion of the contributor themselves. Taylor Dart is not a Registered Investment Advisor or Financial Planner. This writing is for informational purposes only. It does not constitute an offer to sell, a solicitation to buy, or a recommendation regarding any securities transaction. The information contained in this writing should not be construed as financial or investment advice on any subject matter. Taylor Dart expressly disclaims all liability in respect to actions taken based on any or all of the information in this writing. Given the volatility in the precious metals sector, position sizing is critical, so when buying small-cap precious metals stocks, position sizes should be limited to 5% or less of one’s portfolio.

The much-talked-about acquisition saga of Twitter, Inc. (TWTR) is finally drawing to a close.
SpaceX founder Elon Musk finally agreed to buy the company for $54.20 a share. In a regulatory filing on October 4, Musk notified TWTR of his intent to go ahead with the initial agreed-upon deal to acquire the company and take it private. The stock jumped more than 22% on October 4, 2022, and has been on an uptrend since then.
Source: MarketClub
There has been no shortage of controversy as the two parties were scheduled to go to trial on October 17. TWTR had dragged the Tesla CEO to court after he informed the company of his intention to terminate the agreement in July.
Musk had backed out of the deal, stating that TWTR had failed to disclose the number of bots and spam accounts on its platform. He claimed that the company was misleading investors by misstating the number of bots on its platform by providing false numbers in its corporate filings with the SEC.

On July 12, 2022, TWTR filed a lawsuit against Musk, as his decision to back out of the deal had led to its investor sentiment tumbling. In the lawsuit, TWTR argued that having signed a binding agreement, he could not abandon it.
Just after Musk officially tried to terminate the deal in July, hedge funds Pentwater Capital and Greenlight Capital sensed an opportunity. They went long on the stock as there was a signed contract, and Musk could only pull out of the deal if there were fraud in TWTR’s financial statements or any material event that could change the company’s value. So, in the absence of these issues, Musk had no option but to honor the contract.
Greenlight Capital founder David Einhorn said, “Investing in something like Twitter, which I think will resolve this year, is good because I should get the cash out to redeploy into the next thing.”
Matthew Halbower, Pentwater Capital’s founder, said, “In my 23-year career doing this, I’ve never seen an acquirer walk away without any reason.” “The probability of him being able to walk away was very low,” he added.

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Shares of TWTR are currently trading above their 50-day and 200-day moving averages of $44.11 and $40.74, respectively, indicating an uptrend. The stock has gained 25.8% in price over the past month and 21.3% year-to-date to close the last trading session at $52.44.
Here’s what could influence TWTR’s performance in the upcoming months:
Weak Financials
TWTR’s revenue declined 1.1% year-over-year to $1.17 billion for the second quarter that ended June 30, 2022. The company’s non-GAAP net loss came in at $57.72 million, compared to a non-GAAP net income of $174.51 million a year ago.
Also, its non-GAAP loss per share came in at $0.08, compared to a non-GAAP EPS of $0.20. In addition, its adjusted EBITDA declined 67.5% year-over-year to $111.70 million.
Mixed Analyst Estimates
Analysts expect TWTR’s EPS for fiscal 2022 to increase 425.3% year-over-year to $1.05. Its EPS for fiscal 2023 is expected to decline 23.9% year-over-year to $0.80. Its revenues for fiscal 2022 and 2023 are expected to increase 4% and 15.2% year-over-year to $5.28 billion and $6.09 billion, respectively.
Mixed Profitability
Regarding the trailing-12-month gross profit margin, TWTR’s 60.84% is 20.4% higher than the 50.52% industry average. Likewise, its 16.62% trailing-12-month Capex/Sales is 294.3% higher than the industry average of 4.21%.
On the other hand, its 4.04% trailing-12-month EBITDA margin is 78.3% lower than the 18.63% industry average. In addition, its 0.50% trailing-12-month levered FCF margin is 93.8% lower than the 8% industry average.
Technical Indicators Show Promise
While TWTR may not look attractive from the fundamental point of view, it does show strong trends, which traders could capitalize on. According to MarketClub’s Trade Triangles, the long-term trend for TWTR has been UP since October 4, 2022, and its intermediate-term trend has been UP since September 26, 2022. However, the stock’s short-term trend has been DOWN since October 21, 2022.
Source: MarketClub
The Trade Triangles are our proprietary indicators, comprised of weighted factors that include (but are not necessarily limited to) price change, percentage change, moving averages, and new highs/lows. The Trade Triangles point in the direction of short-term, intermediate-term, and long-term trends, looking for periods of alignment and, therefore, intense swings in price.

In terms of the Chart Analysis Score, another MarketClub proprietary tool, TWTR, scored +75 on a scale from -100 (strong downtrend) to +100 (strong uptrend), indicating Bull Market Weakness. While TWTR shows short-term weakness, it remains in the confines of a long-term uptrend.

The Chart Analysis Score measures trend strength and direction based on five different timing thresholds. This tool considers intraday price action; new daily, weekly, and monthly highs and lows; and moving averages.
Click here to see the latest Score and Signals for TWTR.
What’s Next for Twitter, Inc. (TWTR)?
Remember, the markets move fast and things may quickly change for this stock. Our MarketClub members have access to entry and exit signals so they’ll know when the trend starts to reverse.
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Best,The MarketClub Team[email protected]