Weekly Review REE Stocks - 12th Jan 2024
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. I also have history of 2023 for those interested in longer term view.
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 2024 - General Markets
- SP 500 looks to be in consolidation mode, playing just under 4800 in the new year 2024, up around 14 points (0.3%) for the year
- SP 500 made another new 18 month this week at 4802 and getting towards all time high
- Volatility Index VIX is just under 13 - still very bullish, Yields and Dollar Index not much change over the week - some consolidation happening
- Bitcoin very volatile, making up to 10% swings in a day or two - indecision state
- Sentiment Indicator - at Greed 71 - hovering around this mark for a month or so, so bullish but not providing further direction
- Russell 2000 again not performing well - so small caps, risk-on assets again in some strife
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What may happen next week - General Markets/U/Li:
- Mixed expectations from analysts around this week - so could see some turbulence as sitting in the uncertain zone around 4800 on SP 500
- Key economic data this week around - Jobs, Housing etc - so nothing very significant to make a big move on stocks,
- Uranium Sector overview - Uranium Spot price is a monster move and lot of stocks now doing 52 week highs. U stocks I track made 15% average gain for the week. The whole sector is in Euphoria state. So either the euphoria keeps pushing the U stocks higher and higher, or sometimes euphoria marks topping of the sector - I don't have an opinion, I will follow price action. But I have started off loading a lot of my U stocks and will continue to do so in the next couple of days and start the slate clean.
- Lithium Sector overview - Spot prices are on constant decline and has affected a lot of stocks. After a small burst Li stocks are back on their familiar territory - of decline. Li stocks I track, lost 8% average for the week. ALB play from 112 to 127, consolidate, to 145, consolidate, now back to 127 level - so critical phase which will determine next few weeks direction - will it hold around 127 level and go up, or give it back and move to 52 week low of 112. I have started buying some Li stocks but will be playing with soft hands - any weakness will exit and wait. Somebody asked why I look at ALB. Just for guidance. I do look at 96 ASX Li stocks and 7 US Li stocks daily, so its not I am totally dependent on ALB, but ALB in past has given a trend followed by Li stocks so using that to narrow analysis.
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Personally:
My current situation this week - 20% U, 30% Li, 15% Others, 35% cash. U stocks made very good gains this week. I had a target of around 40% gains which was met by many stocks, so got out of them. Before Friday I was 60% portfolio in U stocks, so very heavy as well. U stocks can continue to rise as it is in euphoria state, but I always like to play level to level, hence keeping with that discipline.
Li stocks have started buying as feel can't pick the bottom, but will exit on any weakness - just based on stats of what has happened for over a year in that sector, its better to be out on any weakness.
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Bought one more REE, so now have 3 REE, and bought 3 Health stocks in last 2 weeks.
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Stock/Sector specific Info:
- Playing in early 30s to mid 30s zone whole week, consolidating, maybe waiting for a catalyst to move
- I am still holding my buys from 25
- The REE sectors stocks I track is now down 6% across 26 for the week and 3% down for the year
- This week I bought MEI at average 24.5, so now holding 3 REE including WA1 average 875
- Overall REE sector is not doing well, very few stocks in green for last year - only ENR/MEI/WA1 are in green for last year. So out of 26 stocks, only 3 in green. Not a good look. Incidentally these are 3 I hold
- 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)