Weekly Review REE Stocks - 16th Jun 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 (similar to last week)-
- We are in a bull market
- Last week I said there are now talks of 4400 on SP 500. We did that this week
- Up side - there are talks of 4500 now. Down side - As long as 4050 is held it should be fine. First big back test is 4170
- Market breadth is improving
- Many risk on assets are slowly coming back - yes its still slow, but movement in right direction has started
- There are many who still believe a market crash may happen - their point is on recession, sticky inflation, bank failures, credit crunch, etc I am surprised there are still so many who are not buying this rally
- VIX staying below 15, in fact 14, is again pointing towards a bull market
- Fear and Greed indicator is at 81 - Extreme Greed. One year back this time we were at 17 - Extreme Fear
- Couple of days back I had mentioned that I feel markets are stretched and a correction may happen - few percentage drop on SP 500 to back test. I still believe that may happen. Whether it started on Friday when US indices were in red, I don't know - next week will tell
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What will happen next week - General Markets:
- ASX is usually very tentative on Monday, but chances are it may be slight green red rather than slight green, but its a small game
- US markets are closed on Monday, so chance is that ASX may be going sideways for couple of days
- SP 500 could test 4500 or 4170 depending on which direction it wants to go
- This week no major economic number like last week - some jobs/housing, earning reports, Fed speech etc - they may provide small directions
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Personally: My situation is similar to last week. My major foray for now is into Uranium stocks, buying in tranches as I see confirmation for next leg.. Otherwise I am playing some specific stocks which are doing well in current situation, especially a few REE stocks and some Lithium stocks who are also trying to do a run - on speculation and nearology - its risky, so playing with soft hands.
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Stock/Sector specific Info:
- MTM lost half cent for the week - from 11.5 to 11.. So last 2 weeks its losing half cent each - its not much, but I would say its expected? Why? Waiting on drilling results which can be binary event 1/0 state, is never a good play. There are always probabilities of making a big gain, but it can happen in reverse as well. But MTM with market cap of just 10m or so, risk-reward is still very good.
- I have not been doing my daily postings as I am not expecting much to turn till we see the drill results.
- The fire has doused any new drills, but it will come back. Lot of other Lithium Canada stocks are affected as well. For those with conviction, these are the times to buy the dips - but please dyor as nothing is guaranteed
- MTM is up 39% for the year
- The REE sectors stocks I track is up 23% across 26 stocks for the year
- This week across 26 stocks there was drop of 3%. Last week too it was drop of 2%. So overall, sector is not doing well - figures speaks for itself
- 1 stocks did a new 52 week high this week - VSR. I was playing another strong stock MEI but have exited this week. Still holding the third - WA1. These were the front runners for REE in 2023. I had a small play in ENR, but exited that too this week,.
- Although 4 stocks have gained over 100% for the year, 18 of the 26 stocks are red for the year - so overall sector is not doing well - 3 stocks have gains over 250% and they are pulling the sector. Similar to mega tech stocks which were pulling SP 500
- Even this week, only 3 of 26 stocks in green - so something not right for sector - just on numbers, maybe a lull before the storm as they say
- The trend is clear - stocks doing well are doing better but other stocks are not able to catch up - a cue for people where to put their money
- MTM is waiting for drill results
- MTM has moved into an indecisive state and volume is decreasing every day. The drill results may provide a strong direction it seems, otherways just sideways movement.
- 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)