Bearish Short Case - Stay Away If You Want Bullish News, page-199

Playing the macro.

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From a weekly perspective, a big drop from 284 to 245, just under 15%. Volume low to moderate.

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So what is happening? To me it seems to be playing the macro. And U macro is playing weak. There was a good announcement, but U macro currently is overpowering any individual stock news. So we go with the flow. Overall U macro is playing weak. As I wrote last week, CCJ needs to hold 39A/40 level. It lost that this week. The final number is around 35. If it loses that, long winter for U stocks. Now it has dropped 60% from its recent high, in line with many other U stocks which are in panic mode.

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Personally as I wrote last week, my BOE average was 295. BOE was not looking great this week, so I added only a little bit more today. My average now 287. So am down decent for now.

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So what may happen next week? All depends on U macro. All depends on CCJ. We don't know. Overall U macro is not bad. But a lot more people have to believe it. CCJ has to get over 40. Spot price above 80. Let's hope it plays out that way. Enjoy your weekend and all the best.