Weekly Review U Stocks - 13th Oct 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. As I have disclosed earlier I do hold a number of U stocks. This is the reason I include a number of other U Stocks in my analysis. In my figures, I also have performances of U stocks for 2021 and 2022 - for those interested in looking at longer term view.
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Please note that all my analysis are from a trading perspective looking at short-term view.
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here are no new additions this week, so my stock list contain 28 stocks.
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How are we going in 2023 - General Markets
.SP 500 after making a few 52 week high on July 27 is in another down play after reversing from 4200 level
- At this stage, most likely scenario, short-term downtrend, test some lower levels and possibly make a bottom in the next week or two - hopefully then rises for the rest of the year
- Gained around 0.5% for the week, a gain after some time, from 4308 to 4327 - so last two weeks small gains though one would feel we have been dropping
- Overall trend from October is still uptrend. There will be pullbacks. So at high level (those holding longs etc) the uptrend is still intact. Those looking for swing, short-term trades, some volatility may be in place
What will happen next week - General Markets:
- US markets had another drop on Friday the 13th - U stocks marginally in green, Li stocks another red
- Seasonally they say we bottom in October. If seasonality is to play, we may do a bottom soon, maybe end of this week or next
- SP 500 now in choppy mode, needs to hold 4200. More likely could reverse from 4250/4280 - but some believe 4160/4200, where as some believe we are just going to crash 15 to 20%
- Some signs in crack of economy - Banks, Housing in US, China, Inflation and now Wars suddenly gripped fears in minds of many
- Next week Earning Reports may give direction, especially Tesla/Netflix. Also Monthly Options Expiry on Friday.
- U stocks have been in consolidation mode, looking for next leg - this week may give direction if its ready. Li stocks on big downtrend for months are looking for a bottom - mixed signals till now, may be a bit more to go down with markets and then bottom
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Personally: My situation is different from last week. I was 90% U stocks as of last week. This week I am 20% U stocks, 20% Li stocks, 10% others - rest in cash. I am not sure what is going to happen in general markets. I am watching if U stocks want to come back and resume their journey. Also watching any bottoming of Li sector. Ideally would like to have 40% U, 40% Li, 10% others, 10% cash to play very short trades - but price action will decide what I may be doing
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Stock/Sector specific Info:
- We are still playing 4.6 to 5.9 zone. We need to get over 5.9, next number is 6.8. If things go bad, we need to hold 4.6. The CR process has pushed us down a bit.
- CR pressure should get over in next day or so. Next pressure, if any, may come when those stocks are issued. Oppies are still a fair way away as it requires approval in AGM in Nov
- AGE is now very undervalued compared to others, but this CR has literally put us in the backfoot, and may continue to do so.
- U stocks lost 5% this week - last week lost 10%, so two weeks in downturn, may be time to turn around? U stocks now up 2% for the year.
- U future lost $3.75 this week to reach $69. So first drop in nearly 3 months. Its still very good and not unusual to have small drops in the upward journey - so at this stage I don't think this drop is of any concern
- A lot of gain has happened in the sector, so a bit of consolidation, profit taking may be happening after the monster move. Its looking like bottoming in its drop from highs, Friday's trading in US U stocks was good, didn't gain much but was still in green
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Here is the Figures for the Week:
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(20min delay)