Weekly Review REE Stocks - 2nd Feb 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.
.
.
Please note that all my analysis are from a trading perspective looking at short-term view.
.
.
This list contains 26 REE related stocks and no new additions this week.
.
.
How are we going in 2024 - General Markets
- SP 500 made a new All Time on Friday at 4975, finishing the week with gains of around 1.4%
- Volatility Index VIX is just over 13 - still very bullish but was below 13 for some time, so again VIX pointing to slight divergence when indices have moved to ATH, Yields and Dollar Index also on slight uptrend, again diverging from indices
- Bitcoin very volatile, making up to 20% swings in weeks - indecision state
- Sentiment Indicator - at Greed 67 - hovering around this mark for around 6 weeks or so, bullish but surprising that indices made a new ATH but Sentiment still sitting in Greed, it did get to Extreme Greed, but quickly came back - are there some punters who don't expect this rally to continue? Another divergence
- Russell 2000 again not performing as well as other indices - on Friday when other indices were making merry, it actually was in red on Friday. For the week also lost close to 1%. Unfortunately the indices are still driven by Magnificent 7 Tech stocks which are making fresh 52 weeks highs as well along with SP 500. But those into risk-on or resource stocks, its not looking good
.
.
What may happen next week - General Markets/U/Li:
- Couple of weeks back I wrote this - "After making a new ATH on SP 500, chances are the surge may continue for sometime up to 5000 or so" - its nearly there now
- Key economic data this week around - nothing major - also some earnings reporting
- Uranium Sector overview - Uranium Spot price is a monster move and lot of stocks now doing 52 week highs. I have been writing this for last few weeks, and the narrative is same - more big gains in U stocks this week, 9 of 34 U stocks that I track in my Weekly Report made new 52 week highs this week. For this calendar year of 1 month, U stocks are up 32%. This is really incredible and best time U stocks are having after 2021 rises. The whole sector is in Euphoria state.
- Lithium Sector overview - Its going just the opposite of Uranium. Spot prices are on constant decline and has affected a lot of stocks. Spot price decline rate has gone down in last many weeks, so signs of bottoming, some increase as well in last few days, but stocks not buying that for now - usually stocks may lag. Many Li stocks every week making new 52 week lows. Li stocks I track, lost 4% average for the week and are down 24% for this calendar year in just one month. ALB again touched 112 on Friday, third time, but last 2 times stayed above few cents from 1st low of 112, algos playing it around (though finished on 114 on Friday). 6 of 7 US Li stocks I report made a fresh 52 week low on Friday, ALB the 7th nearly, just cents away. So its looking very grim.
.
.
Personally:
My current situation this week - 10% U, 25% Li, 10% Others, 55% cash. Reason U % is down in my portfolio is because I sold two-thirds on Friday.
U stocks I had two good gains in September and January. Now I am playing with soft hands, swings around 15% or so. Reason is that U stocks on average have gained 150% in just few months, I am not sure how much sustained it can be - but I will not assume anything, price action will do the talking. So buying on dip and exiting on a rise. will play like this till I feel another big one is coming.
Li stocks I am playing two decent and others with moderate holding. Still playing with soft hands, try to sell or partial, usually on open, if it looks like going to be a bad Li day (which is often now), and buy back later in the day. Just trying to get down my average - reason I want to play now that it has fallen a lot. Other option could be to get out and wait. Its individual risk/reward and expectation.
.
Also playing with some REE and Health stocks
.
.
Stock/Sector specific Info:
- Hovering around 26 mark for the whole week, very indecisive state
- Key is to hold 24, it held it last time, this week again touched, will it hold?
- I had mentioned couple of weeks back that I exited at 31 when 30 was not looking like holding. Its in buy zone but watching now to see if it can hold
- The REE sectors stocks I track is now down 7% across 26 for the week and 23% down for the year in just one month - so looking very grim
.
.Here is the Figures for the Week:
.
.
(20min delay)