Market Attempting To Find Its Footing

Source: Michael Ballanger 08/08/2024

Michael Ballanger of GGM Advisory Inc. shares an update on the market as well as two copper stocks he has been keeping an eye on.

USD dollar index futures are higher (+0.24%) this morning, and bond yields are also higher.

Gold (+0.49%) and silver (+0.08%) are rallying a tad, while copper and oil are flat.

Stock futures are rallying, with risk barometer Bitcoin up 1.39%.

Freeport-McMoRan Inc. (FCX:NYSE)

The JP Morgan quantitative desk came out this morning and estimated that 75% of the carry trade “unwind” is done, so with corporate buybacks kicking into gear by early next week, a tradable rally is in the works.

Freeport-McMoRan Inc. (FCX:NYSE) rested the Monday opening lows yesterday afternoon but looks to open back above $40.

If stocks can hold their gains today, FCX should begin to recover back to the 200-dma at $43.47.

Beyond that, we shall see.

I am told that the 43101 being conducted on Buen Retiro for Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB) is almost completed, after which it will be filed with the TSX, and a formal earn-in will be in place. Once approved, an aggressive marketing program will be launched, followed by a drill program in September.

As is the case with all of the juniors, the period from August 15 to after Labour Day (September 2) is the optimum period to accumulate your favorite junior developer-explorer names. Back in the day, this was because retail investors that were heavy into junior mining issues would own the names in advance of spring and summer drill results, but once the middle of August rolled around, they would have to raise cash for back-to-school expenses such as tuitions, room-and-board, and travel.

This would exert pressure on the junior mining space, creating abnormal buying opportunities for the bargain-hunting speculator. While this is not as prevalent in 2024, it has continued to be a trustworthy guideline for end-of-summer planning.

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Important Disclosures:

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Fitzroy Minerals Inc.
2. Michael Ballanger: I, or members of my immediate household or family, own securities of: All. My company has a financial relationship with Fitzroy Minerals Inc. I determined which companies would be included in this article based on my research and understanding of the sector.
3. Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
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Michael Ballanger Disclosures

This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.

( Companies Mentioned: FTZ:TSX.V; FTZFF:OTCQB, FCX:NYSE, )