BEFORE THE MARKET OPEN
- US markets reversed most of their losses from the previous session.
Source:Â https://stocksunderthehood.com/free-resources/us-sector-performance/
- The Australian market dropped 56 points yesterday. The Index futures are pointing to a 52 point rise at the open.
- Lithium can be a confusing commodity to follow. There are so many prices out there for the various compounds. There’s industrial grade, battery grade, various purities of carbonate, various grades of hydroxide plus it’s hard to find agreeance on price from one site to the next. I suggest, all you need to follow is the Global X Lithium & Battery Tech ETF.
- At the moment it’s a pretty sad story. That’s as convincing a downtrend as you will find. With very large short positions in the space, there will be sharp rallies like the one in December. Many have been calling a bottom at various points on the way down. They are all pretty much losing at the moment. What will cause it to spring back up? Who knows? What’s more likely at some point is for it to find a floor and go sideways for an extended period of time. I’d be inclined to want to see that before getting interested. Rises after a period of base-forming are far more reliable than attempted rallies from a downtrend.
- One thing that can’t be denied is the strength of Bitcoin. I feel like this is telling the market something but I’m not sure what.
- I’ve never paid a lot of attention to the Crypto space. One observation I will make from looking at this chart is that it seems to trade in a very orderly manner. It jumps to a level, consolidates, jumps, trends for a bit. For purely technical traders, you could do a lot worse than focussing your efforts on Bitcoin.
- Plenty of good stocks reporting today. Not a great day for me to be on the road. Will have to have a closer look at most of these later in the day.
Viva Leisure (ASX:VVA) H1FY24 results
https://vivaleisure.group/
Results were one I was waiting to see.
Nothing to complain about there. Of course it depends on the outlook and what the market is expecting though.
Promedicus (ASX:PME) H1FY24 results
https://www.promed.com.au/
A market darling (understatement of the day) continues to deliver.
No doubt great growth. Incredible company. But think about this. Revenue is $74M. Market Cap: $11.3B. 100 times revenue is still only $7.4B There is no company on our market that comes close to attracting that valuation. Is it the best company on the market? Probably? Is it worth say 5 times more than the 2nd or 3rd best? I’ll let you decide. Currently the market consensus says yes!
Maas (ASX:MGH) H1FY24 results
https://maasgroup.com.au/
Looks like the winner today. As good as those numbers are though they have only reaffirmed guidance in their outlook. These seems conservative but I’m only guessing. Worth a closer look. I will do a breakdown of ASX:MGH later today. Update: Their financials are rather complicated. I will do this in as soon as my data provided updates their number for MGH.
Disclaimer: This information is provided purely for educational purposes. It takes no account of an individual’s personal financial circumstances and hence can in no way constitute financial advice. The above data may be subject to errors or inconsistencies for which the author takes no liability. It is imperative that all investors do their own research or if they need advice, seek it from a qualified financial adviser.