Today I bought back Cameco ($CCJ) at a slight discount which was called away last week. I sold some First Majestic Silver Feb 28 Out of the Money $10.50 Calls and some Innovio Pharmaceuticals Mar 20 Out of the Money $10 Calls. I used the proceeds to buy more First Majestic Silver, Alexco Resources and Energy Fuels. Have a Great Night.
Happy Valentines Day and Options Expiration Friday. Today I bought some Energy Fuels and some Denison Mines.
Also, I had a bunch of weekly Covered Calls on Cameco and First Majestic that all expired today out of the money. Both came close to being called away earlier on in the week, but they pulled back and finished the week out of the money.
Have a great night and a great weekend.
Today I wrote some out of the money weekly covered calls on First Majestic Silver ($AG) as it was green and the calls were being bid up by the greed crowd. There wasn’t much in the red to buy from the fear crowd so I just sat on the cash proceeds for now.
Trump’s 2021 Budget was released today and he has allocated $150M towards domestically sourced uranium for nuclear defense needs. Rumor has it that this is just the start of the budget plans for uranium going forward and there will be such yearly purchase installments going forward as part of the Nuclear Fuel Working Group. But again, this is just rumor at this point.
Remember, buy the fear, sell the greed. Have a great night.
Happy Options Expiration Friday. Today my weekly covered calls in First Majestic ($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.
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 $UUUU at the ask. No one took the bait. There’s always tomorrow. Write Green and Buy Red. Or, put another way: Write the Greed, Buy the Fear. Have a great evening.
Today I sold some Inovio Pharmaceuticals ($INO) with the stock being temporarily overbought because of the coronavirus scare. Its had an insane run! I still have some Feb 21 covered calls that are now in the money because of the recent run up – we’ll see how those play out as they near expiration on February 21st. I used the proceeds to purchase more Energy Fuels ($UUUU) – a smaller US-based uranium company. I also wrote some out of the money covered calls on Cameco ($CCJ) with a Feb 7th expiration and a $9 strike price. I used the proceeds to purchase more Energy Fuels ($UUUU). Energy Fuels has been absolutely hammered here, and while it may go lower, it feels like capitulation. I sold some out of the money Feb 21 $5 covered calls on Nordic American Tankers ($NAT) and used the proceeds to buy additional shares of Nordic American Tankers ($NAT) to increase my position there. I don’t believe the tanker bull market is finished and tankers seem to be oversold here with the recent coronavirus news and its impact on China. We’ll see what happens there. All eyes will be on the FED tomorrow as they give their statement to the market.
Write/Sell the Green. Buy the Red.
Have a great night.