The market is showing some serious strength today, and while I almost pulled the trigger on a sale, I’ve decided to stay the course. Here’s exactly what’s happening in my portfolio right now and why I’m letting it ride.
Freeport-McMoRan (FCX): The Morning Dilemma
I’ll be honest—I was looking to sell Freeport today to break even. My gut was telling me we might see a dip tomorrow morning, and taking the slight win is usually a smart move. But the broader market is just too positive to ignore. With the Nasdaq and S&P hitting all-time highs today, the momentum is clearly behind the materials sector. I’m sticking with it to see if we can push even higher.
Today was a lesson in the difference between a stock’s performance and a trader’s profit. FCX was a rocket ship, up over 4%, but because I entered my position at $57.64 last week, I only saw a total gain of 0.27%. This is the reality of trading: sometimes you have to sit through the ‘recovery’ before you get to the ‘profit.’ I’m not discouraged—the fact that I’m in the green at all after today’s volatility shows that the support levels are holding.
Cameco (CCJ): The Earnings Shakeout
This one was a rollercoaster. Cameco dropped its Q1 earnings this morning and it was a massive beat—nearly 30% above expectations. We saw an immediate pre-market jump to 121, but then the “sell the news” crowd stepped in and dragged it back down to the 114 range.
A lot of traders might see that red candle and jump ship, but I’m holding my ground. My belief is that this isn’t a “crash”—it’s a shakeout. The fundamental story for uranium hasn’t changed. With countries in Europe (like Hungary and their Paks II project) pushing ahead with nuclear power regardless of EU pressure, the demand for non-Russian uranium is only going to tighten.
The Prediction for Tomorrow
I’m betting that the “real money” institutions will look at today’s dip as a buying opportunity. My prediction? We see some early morning weakness followed by a steady climb in the later part of the day tomorrow as the market realizes the earnings beat was the real deal.
The Strategy
I’m not just trading on hope—I’ve got my stop-losses firmly in place. If the market proves me wrong and crosses my line, I’m out. But as long as the indices are breaking records and the uranium supply-demand story stays this tight, I’m staying invested.
Let’s see what the morning brings.