Rumor has it that the US Nuclear Fuel Working Group recommendations on uranium will be released next week as a summary document. Also, Trump’s defense spending budget plan should be released on February 10th, which is told to contain a $150M line item to purchase US-sourced uranium. Looks like we may see some action next week in the uranium space.
Happy Options Expiration Friday. Today my weekly covered calls in First Majestic ($AG) and Cameco ($CCJ) both expired out of the money. First Majestic had a bit of a run earlier in the week, however ultimately it failed to sustain the part as silver came under pressure later in the week. Cameco had its quarterly conference call this morning. Things are looking up for the uranium sector as a whole, but the turnaround is slow going. Its definitely a market for the patient. Once uranium hits $30 / lb in the spot market things should start to run a bit quicker. Looking forward to more writing opportunities next week. Today I also bought more Energy Fuels ($UUUU) and Denison Mines ($DNN) as uranium plays were deep in the red and certainly on sale. Have a great weekend!
Today I tried fishing with some out of the money covered calls on Energy Fuels at the ask. No Bites. It was a red day for $UUUU today anyway. Buy the Fear, Sell the Greed… or Buy the Red, Sell the Green. Have a great night.
First Majestic ($AG) was green today so I wrote some out of the money covered calls (sell into greed). I used the proceeds to buy more Alexco Resources ($AXU), Energy Fuels ($UUUU) and Denison Mines ($DNN) which were all having red days (buy into fear). Have a great night.
Today I mostly sat on my hands, but bought some more Denison Mines $DNN and went fishing with some out of the money covered calls on First Majestic $AG and Energy Fuels $UUUU at the ask. No one took the bait. There’s always tomorrow. Write Green and Buy Red. Or, put another way: Write the Greed, Buy the Fear. Have a great evening.
My First Majestic $AG Jan 31 $11 covered calls expired out of the money today. I also bought more shares of First Majestic $AG and Alexco Resource Corp $AXU. Hi Ho Silver. Have a great night.
I initiated a small position in Denison Mines $DNN today. Looking forward to seeing what David Cates and the company can accomplish when uranium takes a turn with Wheeler River and the other assets they have. Have a great night.
#Silver was in beast mode today – maybe it was #coronavirus, maybe it was the FOMC meeting yesterday, maybe it was just oversold?
#Shipping continues to get pommelled like a boxer in the ring with Mike Tyson – mostly due to #China and #coronavirus… however rates are still above average and companies should report good earnings here shortly
#Copper: pommelled too. #China #coronavirus
#Biotech is rocking for the same reasons above: #China #coronavirus
#Uranium: Nuclear winter.
No buys or sells today. Sat on my hands. Have a great evening.
Energy Fuels went deep into the red this morning, so I bought more. Thats all. Have a great day.