A spectacular day in U history
Yes, with spot making new highs, U stocks all over the world are on their march. AGE had a great day finishing 9 pips on 7.5c. Our volume was also very good, over 57m shares traded. Our VWAP average was around 7.2c, so we finished much above that - the late push in the day.
ASX U stocks had a bumper day. There were many shares with double digit gains. Average increase was around 8%. This would have been higher but for VMY which declined by 5% after doing a CR at 17c.
U Futures had a massive gain of $1.65 to finish on a new high of $53.15. Today was the 10th day when this phase of rise started. First 5 days, each day there was a gain of over one dollar. Then 2 flat day. Next slight decline, next slight increase. Today 10th day back to one dollar plus increase. Its looking good. We do not have clear data for supply/demand. In the absence of that the spot price increase may be an indication, possibly. Because the rise could also come due to ramifications of war - Kaz, Russia could be a crunch.
The U sentiment has never been stronger. I know we had September run where most stocks doubled. None of the ASX stocks have reached September highs, so a fair distance to go. So why is this phase better? I think one of the reason is that market and punters have become a lot mature. This has come lot of information and analysis that has happened in last 6 months. September run was like a runaway where we could see gains but except for Spot price increase, there was not much analysis available. That rise was mainly due to spot price, fizzled out when spot price stopped increasing and then falling. This time there are many catalysts - spot price is only one them, but no denying that this is the biggest. Spot price is important for us because of lack of clear supply/demand data. Eg if spot price falling, I am not sure if momentum can be maintained. Even if it does not fall, rate may certainly decrease. So good to keep an eye on that.
Personally, it was like a feast. I know many of you are only AGE - life is so easy. When you go for a feast and there are many great things to eat - you don't know which one's you will have. But its still a good problem to have. For my trading I switch between those who make quick gains vs those that are lagging. Laggers for me among medium to big are PDN and VMY (some small caps did not move much 92E, GTR - Yesterday had picked some 92e for 50c which I let go today) . I had loaded up PDN previously as I had mentioned, now waiting. Bought fair few VMY in morning - know CR at 17c, but compared to others felt lags. LOT is ahead. As in my posts many times I was pointing out how BMN was lagging all the time and I was loading up - it has made good gains and now getting towards the average. Did let go a few. Did a few other trades as well, good ones. Holding AGE trading shares for now.
What next - The momentum is good. Dow should be green tonight. But there is a bit discrepancy now between dow and asx. From peaks, dow has fallen much more than asx - maybe because ASX is got lot of commodities, not sure. Something to keep an eye. We are still much below the ATH, so there is lot of scope for this run to continue. Lets hope we have another cracker of a day tomorrow. All the best.
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Cool! I have been loading up lately on DYL, PDN, and AGE. While waiting for VMY SPP which does not materialise! LOT, PEN and BOE on autopilot and doing ok by themselves…
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