EL8 CHART, page-665

Playing the macro.

.

From a weekly perspective, a big drop from 32 to 28, just under 15%. Volume low to moderate.

.

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.

.

Personally as I wrote last week, my EL8 average was 27. Yesterday when all U stocks were looking weak, on the back of the announcement, EL8 finished strongly. I let go a portion which I bought back in today's closing auction. Still holding same amount, but average now 25.5.

.

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.