MY JOURNAL FOR TUESDAY – September 6, 2022
NEWS, BREAKOUTS, MOMENTUM PLAYS & BOTTOMS
‘As cheap as I’ve ever seen them’ – Rick Rule on beaten up resource stocks
The good news for uranium companies is set to continue, said Rick Rule, president and CEO of Rule Investment Media. Rule spoke to Kitco on Tuesday. Last year Rule retired from executive and management roles at Sprott. Renewed focus on decarbonization and high energy prices have rejuvenated the uranium sector. Year-to-date uranium bellwether Cameco is up 29%, and Sprott Physical Uranium Trust has gained 13%. Last week Japanese Prime Minister Fumio Kishida said the country will restart more idled nuclear plants and look at developing next-generation reactors, nearly a decade after the Fukushima disaster put the sector on its heels. While uranium is up, much of the resource space is trading down. The GDX, an index of gold miners, is down 13% year-to-date. “I think the malaise that you see in other resource sectors was a malaise that affected uranium for a very long time,” said Rule. “I believe that the good news in uranium continues particularly with Japanese restarts. It’s a material that generates base load power without producing carbon.” The beaten up precious metal space has compelling valuation, said Rule. “Gold stocks relative to their net present value at current gold prices are as cheap as I’ve ever seen them in my career.”
Welcome to Osprey Strategic
Nearly a Decade of Experience in the Financial Markets
Greg Schnell, CMT, MFTA, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and recent winner of the CSTA’s Technical Analyst of the Year. He is an active member of both the CMT Association and the International Federation of Technical Analysts.
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BREAKOUTS, MOMENTUM PLAYS, & BOTTOMS
DML.TO – Denison Mines Corp.
EFR.TO – Energy Fuels, Inc.
FCU.TO – Fission Uranium Corp.
NXE.TO – NexGen Energy Ltd.
U/UN.TO – Sprott Physical Uranium Trust
URE.TO – Ur-Energy, Inc.
MOMENTUM ALERT SIGNALS
The main focus of the SetYourStop Slack workspace is the momentum scanner that was developed to trace abnormal volatility in the Canadian equity market.
Our proprietary momentum scan system searches for abnormal volatility which flags the urgency of buyers. It was designed to signal the potential of momentum coming into an underlying name or sector. The charts issued are to be used as indicators only, not a trigger to buy or sell.– Disclaimer
Once a chart is received, systematic rules are to be used, implemented by the individual (SetYourStop nor ospreystrategic.org holds No Responsibility for one’s actions as the charts given on SetYourStop and ospreystrategic.org are to be used as indicators only and not a trigger to buy or sell) to define and manage risk. Stop-loss orders are an important tool to negate any false signal. The goal is to let winners run while using trailing stop-loss orders to preserve gains.
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