Weekly Review REE Stocks - 10th Nov 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. I do hold a number of REE stocks and like to trade. This is the reason I include a number of REE Stocks in my analysis.
Please note:
This is no reflection of all AU REE stocks as I have only included those that I am interested. In my list are shares that I hold, held before or planning to buy in near future. Since this is my list, I may have missed some good stocks. The averages are simple averages and not weighted averages. So the average don't reflect AU REE average. This is just for my tracking and analysis.
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Please note that all my analysis are from a trading perspective looking at short-term view.
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This list contains 26 REE related stocks and no new additions this week.
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How are we going in 2023 - General Markets
- SP 500 looks to have reversed from its downtrend, gaining around 240 points week before and 57 points this week
- SP 500 crossed key level of 4400 on Friday, finishing on 4417. Next 4450 and 4600. Downside to hold 4300 but could reverse from 4330
- Volatility Index VIX is below 15, Yields have come back but still high, Dollar Index not coming down
- Bitcoin is saying we are going up. Crossed key resistance of 35k this week, now over 37k
- Sentiment Indicator is at 42, still on Fear - last week was also on 42, so markets moving up has not given enough confidence to punters
- So overall markets going in right direction. Only problem, Russell 2000 is still struggling, barely up for the year whereas Nasdaq up by 40% - so not good from risk/resource assets - and we are seeing that in resource and small caps
- Seasonally they say we bottom in October. If seasonality is to play, we may have bottomed in October - again - as last year
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What may happen next week - General Markets:
- US markets had another good week. Previous week was coming back from reversal. A follow thru was required to confirm the reversal, till now looking like we may have another October low for year, but this week will provide more confirmation
- It would be good to get over 4450 on SP 500, so 4400 can act as support - this may then form the platform for move to 4600
- Some signs in crack of economy - Banks, Housing in US, China, Inflation and now Wars suddenly gripped fears in minds of many
- Next week - CPI/PPI data - they will provide directions
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Personally:
My situation is slightly different to last week. Last week - 20% U stocks, 55% Li, 10% rest short play, 20% cash. This week - 25% U, 40% Li, 5% others and 30% cash. Other part dropped from 10% to 5% is one REE stock I was playing, I got out, it made big gains in short period including a 52 week this week. The Li got reduced because I got out of one stock. For last several weeks I was writing that I playing one Li stock in very, very big way. At one time 40% of my portfolio was that one stock, which was also making me nervous from risk perspective. When I was buying it was on gut feel - that something is happening. Many said that market cap is high etc, but price action was telling a different story. I follow price action as most important indicator as quantifying market caps is very difficult. This week I got out of nearly all of that stock as could see price action wavering - very lucky there as had a two bag in under 2 months. Luckily after I exited there was CR, which could also indicate why weakness was there, waiting for a re-entry, but at this stage may not play at the same high level as before - so have kept some cash for that.
Last week I started writing on another stock on some daily basis. That stock has had some bad blood and declined a lot because of not meeting deadlines - but also because most Li stocks have also had a big drop in last one year. So there was an announcement and I saw some buying going on. I started buying last week and wrote last week. This week I started buying in big way, through out the week and writing daily there. That stock had a weekly gain of 100% this week (its in weekly report). I am up 60% because I was buying in tranches, just to manage risk. So why am I buying? Same - I feel something is happening, these are not normal buys, many calling it p & d, but volume very very high, price from its low has increased a lot. To me it looks like in initial stages and something big could possibly happen. But for me its still a gut feel, at this stage price action is supporting my feeling, so I could be completely wrong, so please dyor. If price action is not good, I will exit.
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Stock/Sector specific Info:
- ENR remained flat for this week, at 39
- Last week I had written I had bought at 32, still holding but did not add to my position. Will exit if 35 does not look like holding, same level where I exited last time. If it goes up will see what is driving it, otherwise around 50 level I may play
- The REE sectors stocks I track gained 6% across 26 stocks for the year,
- This week across 26 stocks there was gain of 1% - mixed results, but last two weeks there was gain of 6% each, so still on the rise
- WA1 did a new 52 week high (disclosure - exited this week)
- Overall REE sector is not doing well, very few stocks in green for the year. But maybe things might turn now - not there yet, but if general markets also move in positive direction, we could see some bottoming happening.
- Any announcement can have an effect of sp - both up and down
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Here is the Figures for the Week:
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(20min delay)
