Playing the macro..From a weekly perspective, a big drop from...

Playing the macro.

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From a weekly perspective, a big drop from 389 to 354, nearly 15%. Volume usual.

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So what is happening? To me it seems to be playing the macro. And U macro is playing weak. There was a good announcement, but U macro currently is overpowering any individual stock news. So we go with the flow. Overall U macro is playing weak. As I wrote last week, CCJ needs to hold 39A/40 level. It lost that this week. The final number is around 35. If it loses that, long winter for U stocks. SLX was steering away from 50%+ drops like other U stocks. Now its getting close. 338 is the number to watch.

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Personally as I wrote last week, SLX hadn't dropped as much as other U stocks, so hadn't bought a lot. I picked up a few more. My average last week was 410, now its 385, so down good portion for now.

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So what may happen next week? All depends on U macro. All depends on CCJ. We don't know. Overall U macro is not bad. But a lot more people have to believe it. CCJ has to get over 40. Spot price above 80. Let's hope it plays out that way. Enjoy your weekend and all the best.