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Sectors to Watch
Uranium: Uranium spot prices continued to climb towards the key US$80 overnight. The Global X Uranium ETF rallied 2.1% to mark its highest close since November 2021.
[ATTACH=full]165947[/ATTACH]
Global X Uranium daily chart (Source: TradingView)
Lithium: VanEck Rare Earth/Strategic Metals ETF bounced 4.0% last Friday after a 4.6% selloff on Thursday. Here are some of the latest developments for lithium:
China's battery-grade lithium carbonate futures fell for its 21st straight day to fresh two-year lows last Friday
SQM reported its third-quarter results on Thursday, shares down 8.0%. Management had some pretty grim things to stay about the state of markets
"We believe this trend (of falling prices) could continue for the reminder of the year. Given the stock levels of battery materials and lithium chemicals, and an additional lithium supply which entered the market during the year, our sales volumes in the fourth quarter 2023 could ultimately be similar or lower than the sales volumes reported during the third quarter 2023."
China's Li Auto said it will start mass production and delivery of its first EV in February 2024
Energy: Energy was the best performing sector on the S&P 500 last Friday, up 2.1% thanks to a bounce in energy prices. Let's see if this can resonate with local names like Woodside (ASX: WDS) and Karoon Energy (ASX: KAR).
The State of Play
A few interesting tidbits about the recent rally.
JPMorgan: "We look for momentum to slow further into 2024 as growth slips below trend and the economy walks a fine line between expansion and contraction ... the Federal Reserve to start lowering rates in the second half of 2024 to avoid a recession, with inflation close to, but still above target."
JPMorgan: "It’s a market where emotion is overriding logic, technicals & fundamentals are completely different languages, where momentum is king, where crowding is your best friend one minute and worst enemy the next, where contrarianism is wrong 20 days in a row then right 20 days in a row. It’s a remarkably tough tape and performance is reflective of 'good calls that go unrewarded' and bad calls 'show you the door.'
Short covering: Invesco QQQ (ETF that tracks the Nasdaq 100) experienced its biggest inflow in a decade last week as advisors had to cover their short positions.
Retail isn't buying: In October, retail investors sold off nearly $15.6 billion in stocks, the largest monthly outflow from retail since 2021, according to the latest S&P Global Market Intelligence Data.
Bank of America: "... Investors currently riding "buy signal" that should last through year-end and possibly carry the S&P 500 higher through to January. Retail data, however, shows many investors have missed the rally since selling at the highest levels back in October."

<blockquote data-quote="eskys" data-source="post: 1252362" data-attributes="member: 87320"><h2>Sectors to Watch</h2>Uranium: Uranium spot prices continued to climb towards the key US$80 overnight. The Global X Uranium ETF rallied 2.1% to mark its highest close since November 2021.[ATTACH=full]165947[/ATTACH]<h4>Global X Uranium daily chart (Source: TradingView)</h4>Lithium: VanEck Rare Earth/Strategic Metals ETF bounced 4.0% last Friday after a 4.6% selloff on Thursday. Here are some of the latest developments for lithium:<ul>
<li data-xf-list-type="ul">China&#039;s battery-grade lithium carbonate futures fell for its 21st straight day to fresh two-year lows last Friday</li>
<li data-xf-list-type="ul">SQM reported its third-quarter results on Thursday, shares down 8.0%. Management had some pretty grim things to stay about the state of markets</li>
<li data-xf-list-type="ul">&quot;We believe this trend (of falling prices) could continue for the reminder of the year. Given the stock levels of battery materials and lithium chemicals, and an additional lithium supply which entered the market during the year, our sales volumes in the fourth quarter 2023 could ultimately be similar or lower than the sales volumes reported during the third quarter 2023.&quot;</li>
<li data-xf-list-type="ul">China&#039;s Li Auto said it will start mass production and delivery of its first EV in February 2024</li>
</ul>Energy: Energy was the best performing sector on the S&amp;P 500 last Friday, up 2.1% thanks to a bounce in energy prices. Let&#039;s see if this can resonate with local names like Woodside (<a href="https://www.marketindex.com.au/asx/wds" target="_blank">ASX: WDS</a>) and Karoon Energy (<a href="https://www.marketindex.com.au/asx/kaR" target="_blank">ASX: KAR</a>).<hr /><h2>The State of Play</h2>A few interesting tidbits about the recent rally.<ul>
<li data-xf-list-type="ul">JPMorgan: &quot;We look for momentum to slow further into 2024 as growth slips below trend and the economy walks a fine line between expansion and contraction ... the Federal Reserve to start lowering rates in the second half of 2024 to avoid a recession, with inflation close to, but still above target.&quot;</li>
<li data-xf-list-type="ul">JPMorgan: &quot;It’s a market where emotion is overriding logic, technicals &amp; fundamentals are completely different languages, where momentum is king, where crowding is your best friend one minute and worst enemy the next, where contrarianism is wrong 20 days in a row then right 20 days in a row. It’s a remarkably tough tape and performance is reflective of &#039;good calls that go unrewarded&#039; and bad calls &#039;show you the door.&#039;</li>
<li data-xf-list-type="ul">Short covering: Invesco QQQ (ETF that tracks the Nasdaq 100) experienced its biggest inflow in a decade last week as advisors had to cover their short positions.</li>
<li data-xf-list-type="ul">Retail isn&#039;t buying: In October, retail investors sold off nearly $15.6 billion in stocks, the largest monthly outflow from retail since 2021, according to the latest S&amp;P Global Market Intelligence Data.</li>
<li data-xf-list-type="ul">Bank of America: &quot;... Investors currently riding &quot;buy signal&quot; that should last through year-end and possibly carry the S&amp;P 500 higher through to January. Retail data, however, shows many investors have missed the rally since selling at the highest levels back in October.&quot;</li>
</ul></blockquote>

[QUOTE="eskys, post: 1252362, member: 87320"] [HEADING=1]Sectors to Watch[/HEADING] [B]Uranium[/B]: Uranium spot prices continued to climb towards the key US$80 overnight. The Global X Uranium ETF rallied 2.1% to mark its highest close since November 2021. [ATTACH=full]165947[/ATTACH] [HEADING=3]Global X Uranium daily chart (Source: TradingView)[/HEADING] [B]Lithium[/B]: VanEck Rare Earth/Strategic Metals ETF bounced 4.0% last Friday after a 4.6% selloff on Thursday. Here are some of the latest developments for lithium: [LIST] [*]China's battery-grade lithium carbonate futures fell for its 21st straight day to fresh two-year lows last Friday [*]SQM reported its third-quarter results on Thursday, shares down 8.0%. Management had some pretty grim things to stay about the state of markets [*]"We believe this trend (of falling prices) could continue for the reminder of the year. Given the stock levels of battery materials and lithium chemicals, and an additional lithium supply which entered the market during the year, our sales volumes in the fourth quarter 2023 could ultimately be similar or lower than the sales volumes reported during the third quarter 2023." [*]China's Li Auto said it will start mass production and delivery of its first EV in February 2024 [/LIST] [B]Energy[/B]: Energy was the best performing sector on the S&P 500 last Friday, up 2.1% thanks to a bounce in energy prices. Let's see if this can resonate with local names like [B]Woodside [/B]([URL='https://www.marketindex.com.au/asx/wds']ASX: WDS[/URL]) and [B]Karoon Energy [/B]([URL='https://www.marketindex.com.au/asx/kaR']ASX: KAR[/URL]). [HR][/HR] [HEADING=1]The State of Play[/HEADING] A few interesting tidbits about the recent rally. [LIST] [*][B]JPMorgan[/B]: "We look for momentum to slow further into 2024 as growth slips below trend and the economy walks a fine line between expansion and contraction ... the Federal Reserve to start lowering rates in the second half of 2024 to avoid a recession, with inflation close to, but still above target." [*][B]JPMorgan[/B]: "It’s a market where emotion is overriding logic, technicals & fundamentals are completely different languages, where momentum is king, where crowding is your best friend one minute and worst enemy the next, where contrarianism is wrong 20 days in a row then right 20 days in a row. It’s a remarkably tough tape and performance is reflective of 'good calls that go unrewarded' and bad calls 'show you the door.' [*][B]Short covering:[/B] Invesco QQQ (ETF that tracks the Nasdaq 100) experienced its biggest inflow in a decade last week as advisors had to cover their short positions. [*][B]Retail isn't buying[/B]: In October, retail investors sold off nearly $15.6 billion in stocks, the largest monthly outflow from retail since 2021, according to the latest S&P Global Market Intelligence Data. [*][B]Bank of America:[/B] "... Investors currently riding "buy signal" that should last through year-end and possibly carry the S&P 500 higher through to January. Retail data, however, shows many investors have missed the rally since selling at the highest levels back in October." [/LIST] [/QUOTE]

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