Weekly Review REE Stocks - 25th Aug 2023
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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-
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- SP 500 after making a few 52 week highs and crossing 4600, first major pullback which many expected and I have been writing including last week in play
- SP 500 has lost just over 4% from its high, the downtrend from that high is into fourth week
- Upside - another retest of 4600 before getting to 4800 all time high. First break to cross 4450 and stay above it.
- Down side - 4300/4350 on SP 500 now forms a big level now if markets goes down further. This week on Friday we touched 4356, a higher low than last week 4335.
- Mixed opinion at this stage. Medium term trend is up. Short term trend is down
- We are at cross roads - next few days to provide direction, its still 50/50 up and down
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What will happen next week - General Markets:.
- US markets was green on Friday. Both Li and U should open higher. Mondays are always very tricky - we always open higher and give away a bit towards afternoon but before close - in case someone wants to time when to buy/sell - Again its probability, please dyor
- SP 500 now in real test of pullback. As long as 4300/4350 hold, we should be good. Anything below, drops could be un predictable. 4300 is very key, else 4230 could come in play
- Mixed lead indicators - no clear direction
- Suddenly volatility has increased, may be signs of a violent move one way or another
- Some signs in crack of economy - Banks, Housing in US as well as China is suddenly gripped fears in minds of many
- PCE data crucial data next week, along with GDP, Housing, Jobs etc. They could provide some direction. Otherwise technicals in play
Personally: As I have been saying for a number of weeks, my main play is in Uranium sector along with holding stocks from different sectors which seem to be on an uptrend
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Stock/Sector specific Info:.
- MTM lost this week, finishing at 5.5 from 6 last week, making a 52 week low at 5.1. Also very low volumes, except one day of comparatively much bigger volume and also reaching 5.1 that day.
- MTM does not look to be in a good state. I had exited most of my positions long time back as I wrote in mid teens, and some small amount around 11. Waiting for a good price action or a good announcement to make a re-entry
- The REE sectors stocks I track is up 2% across 26 stocks for the year,
- This week across 26 stocks there was loss of 4%, last week 5% loss, before that 4%loss - so not very good on the back of general markets retreating.
- 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. But trend is important. Eg LIN, MEI and VSR which were among the leaders of the pack have declined significantly and are in downtrend now - LIN from 47 to 24.5 (around 48% drop), MEI from 27.5 to 17 (around 40% drop), VSR from 12.5 to mid 3s (over 70% drop) -
- But overall REE sector is not doing well, only few stocks do well. Those more advanced, facing the tough realities of moving from develop to production, not so good - and this an indicator sector is not doing well
- MTM is now in very uncertain state. Technicals can do a small bounce, but unless Pomme gives something, outlook is not good. Lets hope something good happens there.
- 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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