Disclosure: The following represents my opinions only. I am long AOT, CDR, EQX, GOT, GTWO, HSTR, KNT, LBC, MMA, MOG, NEM/NGT, PTK/POET, TAO, TNZ, TUK, VIO, and VZLA (image courtesy of Pixabay)
Two months have gone by since the last time I wrote and overall I’d say that oils are weaker, golds are stronger, coppers bounced but aren’t sure what to do next, and uraniums are enjoying a resurgence thanks to a combination of good headlines and fundamentals. Overall, there’s not a lot to say… the S&P keeps making new highs, market breadth seems good, and for now, companies doing good things and getting good results are being bought. China is trying to stimulate without bringing out the bazooka, the Middle East is a tinderbox, Ukraine continues its battle, the Fed(s) is/are easing, and the chatter of a BRIC alt-dollar currency (backed at least partially by gold) surfaces from time to time. The copper/metal-intensive “green” push continues to provide a backstop for a more or less fully functioning resource market (i.e., not looking frothy yet). Meanwhile, Canada LNG is keeping folks more or less sanguine overall on Canadian gas producers, despite the low western Canadian natural gas prices. Oh and did I mention that gold hit another record high today and yet, the market roar is more like a mew? Interesting times. Overall, the indexes are saying that environment out there is permissive to making money in the market. They always say that markets climb a wall of worry, and there’s plenty to worry about if you want to… and yet, new highs on the indexes persist… so the climb continues. In my bag, I try to carry names that I think represent special situations (think “alpha” ideas) that can perform in just about any reasonable market tape. In four words, steady as she goes would sum up my overall stance. Some company specific comments follow: