CXU General Chat, page-325

Have we seen the bottom?

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From a weekly perspective, a small drop from 2.1 to 2 this week. In between we saw a play of 1.7 couple of days. Volume wise, a very big rise one day, looks like someone got very enthusiastic, rather than a strong play. We did get an announcement later. But reaction was subdued. U macro is the biggest factor now, and we played according to that.

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Last week I wrote there is a chance U sector may bottom this week. CCJ may bottom this week. Same time last year it bottomed. I said over 2 months back U sector may bottom around this period, end of July +/-. So have we bottomed? Not sure. But based on my trading pattern, we may have. 1.7 could be our low. But I am a very small player, there are big analysts on you tube, they may have a better view. My feelings at this stage is 50% chance we may have bottomed. Let's see.

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Personally I was a buyer of U stocks this week. As I have been writing for long, I had got out of U stocks mostly end of May. I had written I may buy around this time, hoping to see a bottom here. I can't pick the absolute bottom, so I picked around 40%of U stocks that I want to buy for next phase. If its looking like bottom, then I will buy rest next week. This week I bought Cxu first time after selling and of May. I bought at 1.8, 1.9 and 2. My current average is 1.9. No oppies, liquidity is very poor.

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So what may happen next week? All eyes on whether we have bottomed. General markets too need to hold. CCJ needs to hold 35, that was the high it had reached coming from 20s. May act like a support now. But Cxu, once we get a feel we have reversed, may fly to 3s in a blink. Will that happen? Let's hope so. Enjoy your weekend and all the best.