From darling to pariahYes on another day where Li was not in...

From darling to pariah

Yes on another day where Li was not in favour, we lost half cent to finish on 12c. Our volume was similar to last 5 days or so, around 23m shares traded.

ASX LI stocks were also looking weak. Of the 43 stocks that I track, average decline was around 1.5%.

Overnight US Li stocks did not do well. Although the decline was not much, they failed to make any significant gains. Mostly they were flat, ETF of LI losing 0.5%, ALB just in green by a whisker.

This is a real test of the sector. As I wrote yesterday, this is the weakest phase of the sector after a long time. Once a darling of everyone, it is shunned as a praiah - no one seems to be buying to any strength. But stock markets go thru these phases, and it is from the bottom that the next rise happens. Not sure we are at the bottom, but LI macro is still very strong, not withstanding couple of reports that has been challenged by the industry - though its effect can still be seen. For those brave, this may be the time, but please dyor as few other factors like recession/inflation/EOFY sell/industry reports - all have some impact.

Our good announcement from yesterday has been washed of in the weak Li sentiment. But when things turn, I am sure it will be remembered and make an input to our sp.

What next - Its very clear that ASX Li cannot take a lead. The best case for us is US Li stocks surging - that may give confidence. Unless there is some other positive news which comes out for the sector. At this difficult juncture, on eveyone's mind is - buy/hold/or sell. There is no easy answer. For my, I know this will turn some day, have been trading/re-balancing/and trying to have some funds to use when it turns. Lets hope US Li do really well overnight - they have fared much better than us. All the best