Weekly Review REE Stocks - 23rd Jun 2023Here is the weekly...

Weekly Review REE Stocks - 23rd 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)-

• Last week I had said that I was expecting a market correction as it looked stretched. So SP 500 has dropped just under 2% since reaching its highs and played as I expected
• Down side - As long as 4050 is held it should be fine. First big back test is 4170 which is still around 4% down. If its a mild pullback, we could see re-bounce from around 4300
• The good Market breadth improvement has again taken a back seat for now in this correction
• There are still strong bears who are pointing to a big fall in SP 500. Its all based on recession fears including credit crunch etc. They believe this Jul-Sep quarter can become very rough. Seasonally this is also a bad quarter from statistics perspective.
• VIX staying below 15, in fact 14, is again pointing towards a bull market and this correction is just being absorbed for now
• Fear and Greed indicator is at 74 - Greed. Last week at 81 - Extreme Greed. I had mentioned stocks usually retreat from this early 80s level - its playing out accordingly
• The SP 500 made a big run, but before that Bitcoin moved from 17k to 24k mark. Stock markets followed. Now Bitcoin had made another big dash and is now approaching 31k. Again, is that a cue that Stocks will follow soon?

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What will happen next week - General Markets:

• ASX is usually very tentative on Monday, US markets dropped on Friday, so another red day possible
• SP 500 after doing its back test could come back. It all depends on the size of pullback - whether its 4300 or 4170 or 4050 level. The lower it goes, it may take longer time.
• This week no major economic number like last week - some jobs/housing, earning reports, Fed speech etc - they may provide small directions. Powell to speak mid-week
• For those with conviction, it may be buy the dip situation
• Next week is also finish of tax selling - we could see some volatility just due to this in this week
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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, some Li/REE/metals stocks. Still holding a few Li stocks which are doing well and will continue to hold them for medium term. Others I play for short term swings.
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Stock/Sector specific Info:

• MTM lost half cent for the week - from 11 to 10.5.. So last 3 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.
• There was a big scare on large volume and a drop to 9.4 this week. It needs to be seen whether its a one off and we are slowly coming back. I am waiting to see some confirmation - either price action or a good announcement
• The fire in Canada 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 33% for the year
• The REE sectors stocks I track is up 22% across 26 stocks for the year
• This week across 26 stocks there was drop of 2%. Last week too it was drop of 2%. So overall, sector is not doing well - figures speaks for itself. Three consecutive week of decline
• Only 7 of 28 tocks were in green 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
• 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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