Weekly Review REE Stocks - 17th 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, third straight week of gains
- SP 500 crossed key level of 4500 on Friday, finishing on 4514. Next 4600 and then all time high above 4800. Downside first 4450, then 4330
- Volatility Index VIX is below 14, Yields have come back more but still high, Dollar Index weakening now
- Bitcoin is not able to stay above, but still strong and its rises have come in big jumps then gradual, so another one may be coming
- Sentiment Indicator - well it is reflecting stocks, after playing Extreme Fear and on Fear for sometime, it has smashed thru neutral and now in Greed at 58 - so punters are embracing the rally
- So overall markets going in right direction. Russell 2000 (worst performing index) too trying to come back but has to do more - so that our risk/resource stocks also enjoy the boom
- Very good economic data this week, both CPI/PPI came in favourable to markets, jobs too
- 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:
- Chances are good that overall markets may still be favourable
- There is a possibility of some consolidation, but 4600, an 18 month high, is attracting punters like a magnet
- It would be good to get over 4600 on SP 500, so 4450 can act as support - this may then form the platform for move to 4800
- No major economic data this week - jobs, housing, consumer confidence, earning reports including many retail
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Personally:
My situation is slightly different to last week. Last week - 25% U, 40% Li, 5% others and 30% cash. This week - 30% U, 50% Li, 5% others and 15% cash.
The big ones that I am playing currently are two Lithium stocks -
- One I am playing very big and playing for short to medium term, a huge potential here with market cap not very high, but still has to deliver, I like the play here and am playing very big - will continue to play like this unless there is an announcement or price action is not good
- Other I am playing moderate to big but playing with very soft hands based on past history of Li stocks in this phase - I am writing currently in these two stocks
- Rest have picked a few more U stocks and feeling the consolidation which is going on may be towards the end phase, but not there yet
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Stock/Sector specific Info:
- ENR remained nearly flat for this week, at 39.5. No real volume indicator/hint at this stage, so just consolidating, waiting for next catalyst
- I am still holding my buys at 32. 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 7% across 26 stocks for the year,
- This week across 26 stocks there was gain of 4% - mixed results, nothing major
- Last week I wrote that I exited WA1 with a sizable holding, in high 10s, not sure what is happening, but this week nearly touched 9 - watching at this stage
- 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)