Weekly Review REE Stocks - 9th Jun 2023
Here is the weekly review figures and charts that I do every week. It is useful only for those interested in trading or those who hold multiple shares and based on performance would like to keep re-balancing as we go. I do hold a number of REE stocks and like to trade. This is the reason I include a number of REE Stocks in my analysis.
Please note:
This is no reflection of all AU REE stocks as I have only included those that I am interested. In my list are shares that I hold, held before or planning to buy in near future. Since this is my list, I may have missed some good stocks. The averages are simple averages and not weighted averages. So the average don't reflect AU REE average. This is just for my tracking and analysis.
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Please note that all my analysis are from a trading perspective looking at short-term view.
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This list contains 26 REE related stocks and no new additions this week.
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How are we going in 2023 - General Markets (similar to last week)-
- The number which I have been talking about - 4300/4350 - came into play. It toyed with it all week before achieving it on Friday
- In Friday it reached 4322, though could not finish above 4300, just under at 4298
- Up side - there are talks of 4400 now. Down side - As long as 4050 is held it should be fine.
- For last few months I have been talking about how market depth is not good and is led by around just 10 mega tech stocks. We saw a good rotation this week, with Russell making very good gains. This is more confirmation of how a bull run may play out with participation by most
- Most risk-on assets including resources have still not done very well. But many are now coming out of their bottom. The good part is that small gains that they are making, they are not going back - at this stage not making big gains, but keeping small gains. This is a good start
- Next talks about recession will become key driver of markets, though at this stage inflation/interest rate are equally in play. Besides that health of banks, housing sector etc is also being debated
- There are many who still believe a market crash may happen - their point is on recession, sticky inflation, bank failures, credit crunch, etc
- There are many bears now who are now shifting their narrative. Instead of a crash, they now say a correction may happen. So this narrative again favourable for a good market
- VIX staying below 15, in fact 14, is again pointing towards a bull market
- Fear and Greed indicator is at 77 - Extreme Greed
- Like last week as I had said - "There are many who believe market crash may not happen, including me, but its best to have an open mind when many think otherwise"
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What will happen next week - General Markets:
- ASX is usually very tentative on Monday, but chances are it may be slight green rather than slight red, but its a small game
- SP 500 should now be able to close above 4300
- Next level is to cross 4350 and then start finishing above that. If it starts closing above 4350, bears may give up
- Downside - if a back test happens, a hold above 4170 on SP 500 will still be bullish and the rise theory remains intact
- This week CPI/PPI data and then Interest Rate decision. Following that Powell talk. These can bring in some volatility
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Personally: My situation is similar to last week. For last couple of weeks I am buying Uranium stocks. I have done my Stage 1 buying - around 25% of what I want to buy. If things continue improving, I will do my Stage 2 buying - another 25%. Otherwise I am playing some specific stocks which are doing well in current situation, especially a few REE stocks and some Lithium stocks who are also trying to do a run - on speculation and nearology - its risky, so playing with soft hands.
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Stock/Sector specific Info:
- MTM lost half cent for the week - from 12 to 11.5. Last week too half cent was lost
- MTM is up 42% for the year
- The REE sectors stocks I track is up 29% across 26 stocks for the year
- This week across 26 stocks there was drop of 2%
- 3 stocks did a new 52 week high this week - VSR, MEI, WA1. Sounds familiar. Yes, its the same set of stocks which I am reporting for last 4 weeks or so that they are making a new highs.- something to keep an eye - (I am holding all)
- Although 4 stocks have gained over 100% for the year, 18 of the 26 stocks are red for the year - so overall sector is not doing well - 3 stocks have gains over 300% and they are pulling the sector. Similar to mega tech stocks which were pulling SP 500
- The trend is clear - stocks doing well are doing better but other stocks are not able to catch up - a cue for people where to put their money
- MTM is waiting for drill results
- MTM has moved into n indecisive state and volume is decreasing every day. The drill results may provide a strong direction it seems, otherways just sideways movement.
- Any announcement can have an effect of sp - both up and down
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Here is the Figures for the Week:
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(20min delay)