Evening Wrap: ASX 200 rises on resurgent uranium sector, gold and silver stocks rally again, CSL dip keeps dipping

The S&P/ASX 200 closed 24.7 points higher, up 0.28%.

Uranium stocks popped on news overnight that the US and UK will sign an agreement to accelerate nuclear power station approvals during President Trump's state visit. In parallel, US Energy Secretary Chris Wright signalled plans to increase the national strategic uranium stockpile. Gold and Silver stocks were also high up in the winners list.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap.

Also, I have detailed technical analysis on the Nasdaq Composite, the S&P/ASX 200, and Gold and Silver in today's ChartWatch.

Let's dive in!

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 24.7 points higher at 8,877.7, 0.28% from its session low and 0.12% from its high. Despite the only-modest improvement in the benchmark, in the broader-based S&P/ASX 300 (XKO) advancers beat decliners by a commendable 184 to 88.

The Energy (XEJ) (+0.9%) was the strongest of the 11 major ASX sectors today, driven largely by a surge in uranium stocks.

They popped on news overnight that the US and UK will sign an agreement to accelerate nuclear power station approvals during President Trump's state visit. In parallel, US Energy Secretary Chris Wright signalled plans to increase the national strategic uranium stockpile.

ChartWatch ASX Scans picks Bannerman Energy (BMN) (+11.6%), Deep Yellow (DYL) (+9.2%), Nexgen (NXG) (+8.7%) were notably stronger, while sector laggard Boss Energy (BOE) (+7.0%) also gained. Paladin Energy (PDN) is in a trading halt due to news of an impending capital raise.

No move in the uranium price... yet... 🤔 (click here for full size image)

Resources (XJR) (+0.8%) were also stronger, led by iron ore heavyweights BHP Group (BHP) (+0.5%), Rio Tinto (RIO) (+1.9%) and Fortescue (FMG) (+1.1%), but they were also supported by a rebound in Gold / Precious metals (XGD) (+0.8%).

Iron ore is doing its best impression of a chart that wants to go up... (click here for full size image)

Small caps across the mining sector, and really, across the entire ASX are moving, as per today's Biggest Gainers list below (scroll down 👇). Many have appeared regularly in ChartWatch ASX Scans, so it's worth keeping an eye on that series if you're not already (and if not, why not!).

Elsewhere, CSL (CSL) (-1.3%) shares slipped again following news it is investing up to $760 million in a funding and option agreement with Dutch biotech VarmX. Among the rest of the bunch it was pretty quiet, with not one stock in the ASX 100 rising or falling by more than 3% – something that hasn't happened since before August earnings season.

Today's best blue chip gainers

Today's worst blue chip losers

ChartWatch

Nasdaq Composite Index

Nasdaq Composite Index chart (click here for full size image)

Q: Are you as bored reading my analysis on the Comp as I am writing it? 🥱

• ST & LT Uptrends ↗️↗️

• Rising peaks and rising troughs 📈

• Predominance of demand-side candles ⬜🕯️

• All is good until the opposite of the above / close below the short term uptrend ribbon...

• D > S = P⬆️

• MOTN (More Often Than Not…)

• Can’t tell the future…

• It will end when it ends – the candles will tell us when to worry…

• Stay the course…

• FRP (Full Risk Position)…

You know – all of that boring stuff! 🤦

Yet that’s the thing about trend following – when done right, and when the right trend appears – it can be pretty darn boring 💤💤💤.

But that also means profitable. And I’ll take boring and profitable over exciting and unprofitable any day of the week 💪!

I know you looked at the chart above, and in about 2 seconds – knew exactly what to do here…🎯

(NO! YOU'RE NOT GOING CRAZY – YES, THAT'S A CARBON COPY OF MONDAY'S COMP ANALYSIS – NO, IT'S NOT A MISTAKE – YES, WE BOTH UNDERSTAND WHY THIS MAKES SENSE AND HOW IT RELATES TO TREND FOLLOWING! ✅😁)

S&P/ASX 200 (XJO)

S&P/ASX 200 chart (click here for full size image)

I was tempted to do the old copy and paste here as well! 😉

The Comp's analysis from Friday's to Monday's candle is identical, and the XJO's comparative Monday-Tuesday spiel is almost nearly the same, too.

We have with today's candle the smidgiest-smidge more of evidence that the demand-side is regaining control of the XJO price.

What did I say yesterday? 🤔 A big white candle closing emphatically back above 8881 / "that candle" would be nice? ("that candle" = 3-Sep's dominant supply-side showing – it must be consumed by the demand-side if we are to retest 9055! 🍴).

And what did we get? If you're reading on a smart device, you'll have to place your thumb and forefinger on the top right of the chart above and pullllllll apart! 🔍

So we wait. Wait for the Old Tin Pot to catch up to the Comp. (In my experience, it usually does... but in its own sweet time 😴).

In summary, no change here:

• ST & LT trends remain intact.

• Price action is neutral, but improving, a close > 8881 sets us back to rising peaks and rising troughs.

• Candles are improving, the demand-side is sniffing about – we'd love them to commit with a long white-bodied candle.

• A close below 8782 would not be good sign, and a close below 8731 = ⚠️⚠️⚠️

And no change to my personal portfolio management setting of 2/3RP (Risk Position = A total portfolio capital limit I apply to my ASX investments)

Gold Futures (Front month, back-adjusted) COMEX

Good as gold (click here for full size image)

Tell me one thing in gold's chart that implies supply-side control? 🧐

You can't, can you?

Nope. Neither can I. 🤷

So, what does that mean? 🤔

Yep, total and utter demand-side control: An environment of rampant excess demand.

1. Those with cash want to own gold. Why? Because they believe it's in their best interests from a reward-risk perspective.

2. Those with gold want to own gold. Why? Because they believe it's in their best interests from a reward-risk perspective.

3. Equals there's a consensus between the demand and supply-sides: Everyone agrees.

And this is the holy grail of trend following: Consensus. It creates the lowest volatility (i.e., fewest pullbacks and drawdowns), strongest, and most enduring trends (in this case, of consensus excess demand – an uptrend).

But, apart from gold itself (which I heard on the radio the other day was floating around in the cosmos billions of years before it ended up in the Earths crust!), nothing lasts forever.

Gold's immaculate uptrend will inevitably deteriorate, neutralise, and eventually turn – at some stage – into a protracted bear market. But if you're the type of individual who doesn't want to play near-perfect consensus because you 100% believe gold's uptrend will end as soon as you get in – well then you've kinda missed the point of trend following! 😉

Trends, price action, and candles are immaculate here = Stay the course 📈.

Silver Futures (Front month, back-adjusted) COMEX

Also good as gold (click here for full size image)

Ditto here on silver, another picture of excess demand.

It will be interesting to see how the candles play out at the potential point of supply at the 1 Oct 2012 peak of 43.51. It's pretty ancient, and there's little in the candles so far to suggest it's going to present much of an issue... But you never know!

In the meantime, and impeccable chart in terms of demonstrating dominant demand-side control, and thus, it's also my preference to stay the course here.

Economy

Today

• There weren't any major economic data releases in our time zone today.

Later this week

Wednesday

• 00:00 USA NAHB Housing Market Index September (33% forecast vs 32 previous)

• 22:30 USA Building Permits & Housing Starts August

  • BP's: 1.37 million forecast vs 1.35 million in July

  • HS's: 1.36 million forecast vs 1.43 million in July

Thursday

• 04:00 USA Federal Reserve FOMC meeting

  • Federal Funds Rate: -0.25% to 4%-4.25% forecast

  • FOMC Economic Projections

  • FOMC Press Conference (at 04:30)

• 11:30 AUS Employment Data August

  • Employment Change: +21,200 m/m forecast vs +24,500 m/m in July

  • Unemployment Rate: 4.2% forecast vs 4.2% in July

• 21:00 UK Bank of England Monetary Official Bank Rate & Monetary Policy Summary

Friday

• TBA JPN BOJ Policy Rate, Monetary Policy Statement, Press Conference

  • Policy Rate: no change to present <0.50% forecast

Latest News

Interesting Movers

Trading higher

• +29.9% Sunrise Energy Metals (SRL) – Letter of Interest from U.S. EXIM, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +28.5% Avita Medical (AVH) – Continued positive response to 15-Sep AVITA Medical Receives CE Mark for RECELL GO.

• +27.8% Race Oncology (RAC) – Race Breakthrough Composition of Matter IP Discovery, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up 🔎📈

• +26.5% Locksley Resources (LKY) – Becoming a substantial holder (Tribeca Investment Partners +11.8%), rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +21.8% St Barbara (SBM) – Update on PNG Tax Matter and Mining Lease Renewal and September Investor Presentation, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +19.0% Felix Gold (FXG) – Continued positive response to 15-Sep High Grade Antimony Drill Intersections and Project Update, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +17.9% Boab Metals (BML) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +16.1% Peninsula Energy (PEN) – Peninsula Produces First Yellowcake at Lance Project, general strength across the broader Uranium sector today.

• +16.1% DUG Technology (DUG) – 1st year purchase order with upgrade to contract value, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +15.6% Cettire (CTT) – Change of Director's Interest Notice (D. Mintz on market purchase of $250k).

• +13.3% Imugene (IMU) – No news 🤔.

• +13.0% Wrkr (WRK) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +11.6% Bannerman Energy (BMN) – General strength across the broader Uranium sector today.

• +11.4% Benz Mining Corp. (BNZ) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +10.9% Metallium (MTM) – Binding Deal with Ucore for U.S. REE Refining Independence, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +10.6% Great Boulder Resources (GBR) – Investor Presentation - Resources Rising Stars Gold Coast, rise is consistent with prevailing short and long term uptrends 🔎📈

• +10.0% Trigg Minerals (TMG) – No news, rise is consistent with prevailing short and long term uptrends 🔎📈

• +9.6% Tesoro Gold (TSO) – Upgraded Scoping Study Presentation, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +9.2% Coronado Global Resources (CRN) – No news 🤔.

• +9.2% Deep Yellow (DYL) – No news, general strength across the broader Uranium sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +9.2% Unico Silver (USL) – No news, general strength across the broader Silver sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.7% Nexgen Energy (NXG) – No news, general strength across the broader Uranium sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.7% AI-Media Technologies (AIM) – No news, rise is consistent with prevailing short and long term uptrends, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.7% Global X Uranium ETF (ATOM) – No news, general strength across the broader Uranium sector today, Uranium stocks ETF.

• +8.6% Sun Silver (SS1) – Sun Silver commences process for U.S. OTC Listing, general strength across the broader Silver sector today, rise is consistent with prevailing short and long term uptrends 🔎📈

• +8.6% Lotus Resources (LOT) – No news.

• +8.3% Challenger Gold (CEL) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +8.2% BetaShares Global Uranium ETF (URNM) – No news, general strength across the broader Uranium sector today, Uranium stocks ETF.

• +7.7% HOT Chili (HCH) – No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.6% Andean Silver (ASL) – No news, general strength across the broader Silver sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +7.0% Boss Energy (BOE) – No news, general strength across the broader Uranium sector today.

Trading lower

• -18.2% Falcon Metals (FAL) - Third wedge hole at Blue Moon hits 0.3m @ 185 g/t gold.

• -13.0% LTR Pharma (LTP) - No news 🤔.

• -8.8% Findi (FND) - No news, fall is consistent with prevailing short and long term downtrends, a regular in ChartWatch ASX Scans Downtrends list 🔎📉

• -7.4% Green Critical Minerals (GCM) - No news 🤔.

• -6.8% West Coast Silver (WCE) - No news 🤔.

• -6.5% New Murchison Gold (NMG) - No news 🤔.

• -6.2% Omni Bridgeway (OBL) - Ceasing to be a substantial holder (Amitell Capital).

• -5.7% Tamboran Resources Corporation (TBN) - No news since yesterday's U.S. Non-Deal Roadshow Presentation.

Broker Moves

29Metals (29M)

• Retained at neutral at Barrenjoey; Price Target: $0.30

Alcoa Corporation (AAI)

• Retained at overweight at Barrenjoey; Price Target: $63.00

Amplitude Energy (AEL)

• Retained at buy at Bell Potter; Price Target: $0.29

Alligator Energy (AGE)

• Retained at speculative buy at Bell Potter; Price Target: $0.07

AMP (AMP)

• Retained at buy at Citi; Price Target: $2.00

• Downgraded to accumulate from buy at Ord Minnett; Price Target: $1.95

ANZ Group Holdings (ANZ)

• Retained at neutral at Macquarie; Price Target: $31.00

• Retained at neutral at Morgan Stanley; Price Target: $29.70

• Retained at trim at Morgans; Price Target: $28.72

• Retained at hold at Ord Minnett; Price Target: $30.00

• Retained at sell at UBS; Price Target: $26.50

Accent Group (AX1)

• Retained at overweight at Morgan Stanley; Price Target: $1.80

Bellevue Gold (BGL)

• Retained at neutral at Barrenjoey; Price Target: $1.10

BHP Group (BHP)

• Retained at neutral at Barrenjoey; Price Target: $42.50

• Retained at overweight at Morgan Stanley; Price Target: $46.50

Boab Metals (BML)

• Retained at buy at Shaw and Partners; Price Target: $0.60 from $0.40

Boss Energy (BOE)

• Retained at underweight at Barrenjoey; Price Target: $2.00

• Retained at buy at Bell Potter; Price Target: $2.90

Beach Energy (BPT)

• Retained at hold at Bell Potter; Price Target: $1.25

Bubs Australia (BUB)

• Downgraded to accumulate from buy at Ord Minnett; Price Target: $0.18 from $0.20

Chalice Mining (CHN)

• Retained at underweight at Barrenjoey; Price Target: $0.90

Capricorn Metals (CMM)

• Retained at overweight at Barrenjoey; Price Target: $11.00

Comet Ridge (COI)

• Retained at speculative buy at Bell Potter; Price Target: $0.21

Conrad Asia Energy (CRD)

• Retained at speculative buy at Bell Potter; Price Target: $1.25

Coronado Global Resources Inc (CRN)

• Retained at underweight at Barrenjoey; Price Target: $0.25

Capstone Copper Corp. (CSC)

• Retained at overweight at Barrenjoey; Price Target: $12.00

Corporate Travel Management (CTD)

• Retained at neutral at UBS; Price Target: $16.70

Centaurus Metals (CTM)

• Retained at overweight at Barrenjoey; Price Target: $0.55

Core Lithium (CXO)

• Retained at neutral at Barrenjoey; Price Target: $0.11

Delta Lithium (DLI)

• Retained at neutral at Barrenjoey; Price Target: $0.17

Domino's Pizza Enterprises (DMP)

• Retained at equal-weight at Morgan Stanley; Price Target: $15.55 from $18.00

• Retained at buy at UBS; Price Target: $19.00

Deterra Royalties (DRR)

• Retained at neutral at Barrenjoey; Price Target: $4.40

Deep Yellow (DYL)

• Retained at neutral at Barrenjoey; Price Target: $1.80

EBR Systems Inc (EBR)

• Retained at buy at Bell Potter; Price Target: $2.25

Emerald Resources NL (EMR)

• Retained at underweight at Barrenjoey; Price Target: $3.65

Evolution Mining (EVN)

• Retained at neutral at Barrenjoey; Price Target: $8.10

FireFly Metals (FFM)

• Retained at overweight at Barrenjoey; Price Target: $1.60

Flight Centre Travel Group (FLT)

• Retained at buy at UBS; Price Target: $14.00

Fortescue (FMG)

• Retained at neutral at Barrenjoey; Price Target: $20.00

Greatland Resources (GGP)

• Retained at overweight at Barrenjoey; Price Target: $10.00

Global Lithium Resources (GL1)

• Retained at neutral at Barrenjoey; Price Target: $0.20

Gemlife Communities Group (GLF)

• Initiated at overweight at JPMorgan; Price Target: $5.30

Genesis Minerals (GMD)

• Retained at underweight at Barrenjoey; Price Target: $3.95

Gold Road Resources (GOR)

• Retained at underweight at Barrenjoey; Price Target: $3.37

Guzman Y Gomez (GYG)

• Retained at overweight at Morgan Stanley; Price Target: $31.20

• Retained at neutral at UBS; Price Target: $26.50

Harvey Norman Holdings (HVN)

• Upgraded to equal-weight from underweight at Morgan Stanley; Price Target: $7.60 from $5.40

IGO (IGO)

• Retained at overweight at Barrenjoey; Price Target: $5.25

• Upgraded to neutral from sell at Citi; Price Target: $4.40 from $4.50

JB Hi-Fi (JBH)

• Retained at underweight at Morgan Stanley; Price Target: $101.80 from $83.40

Lunnon Metals (LM8)

• Retained at buy at Shaw and Partners; Price Target: $0.75

Lotus Resources (LOT)

• Retained at speculative buy at Bell Potter; Price Target: $0.35

Lovisa Holdings (LOV)

• Retained at neutral at UBS; Price Target: $42.00

Liontown Resources (LTR)

• Retained at underweight at Barrenjoey; Price Target: $0.70

Lynas Rare Earths (LYC)

• Retained at overweight at Barrenjoey; Price Target: $17.50

Meteoric Resources NL (MEI)

• Retained at overweight at Barrenjoey; Price Target: $0.30

Minerals 260 (MI6)

• Retained at overweight at Barrenjoey; Price Target: $0.30

Mineral Resources (MIN)

• Retained at overweight at Barrenjoey; Price Target: $40.00

Medallion Metals (MM8)

• Retained at speculative buy at Canaccord Genuity; Price Target: $0.80

Metcash (MTS)

• Retained at equal-weight at Morgan Stanley; Price Target: $3.90 from $3.75

Newmont Corporation (NEM)

• Retained at overweight at Barrenjoey; Price Target: $115.00

Nickel Industries (NIC)

• Retained at overweight at Barrenjoey; Price Target: $1.80

Northern Star Resources (NST)

• Retained at neutral at Barrenjoey; Price Target: $20.00

Ora Banda Mining (OBM)

• Retained at overweight at Barrenjoey; Price Target: $1.20

• Downgraded to hold from buy at Moelis Australia; Price Target: $0.88 from $0.85

Predictive Discovery (PDI)

• Retained at overweight at Barrenjoey; Price Target: $0.45

Paladin Energy (PDN)

• Retained at neutral at Barrenjoey; Price Target: $7.45

• Retained at buy at Bell Potter; Price Target: $9.00

Pilbara Minerals (PLS)

• Retained at underweight at Barrenjoey; Price Target: $1.25

• Retained at neutral at Citi; Price Target: $2.20

Perseus Mining (PRU)

• Retained at neutral at Barrenjoey; Price Target: $3.75

Qantas Airways (QAN)

• Retained at neutral at UBS; Price Target: $12.00

QPM Energy (QPM)

• Retained at buy at Bell Potter; Price Target: $0.09

Rio Tinto (RIO)

• Retained at overweight at Barrenjoey; Price Target: $121.00

ResMed Inc. (RMD)

• Retained at buy at UBS; Price Target: $325.00

Ramelius Resources (RMS)

• Retained at overweight at Barrenjoey; Price Target: $3.70

Regis Resources (RRL)

• Retained at underweight at Barrenjoey; Price Target: $3.10

Resolute Mining (RSG)

• Retained at neutral at Barrenjoey; Price Target: $0.80

South32 (S32)

• Retained at overweight at Barrenjoey; Price Target: $3.95

Sandfire Resources (SFR)

• Retained at overweight at Barrenjoey; Price Target: $13.00

Stanmore Resources (SMR)

• Retained at neutral at Barrenjoey; Price Target: $2.20

Service Stream (SSM)

• Retained at buy at Canaccord Genuity; Price Target: $2.60 from $2.32

Strike Energy (STX)

• Retained at speculative buy at Bell Potter; Price Target: $0.15

Super Retail Group (SUL)

• Retained at buy at Citi; Price Target: $20.50

• Retained at underweight at Morgan Stanley; Price Target: $14.40

TPG Telecom (TPG)

• Upgraded to overweight from neutral at Jarden; Price Target: $5.25 from $5.30

Tesoro Gold (TSO)

• Retained at speculative buy at Morgans; Price Target: $0.21 from $0.15

Universal Store Holdings (UNI)

• Retained at buy at UBS; Price Target: $10.50

Vault Minerals (VAU)

• Retained at overweight at Barrenjoey; Price Target: $0.68

Virgin Australia Holdings (VGN)

• Initiated at buy at UBS; Price Target: $4.10

West African Resources (WAF)

• Retained at overweight at Barrenjoey; Price Target: $3.40

Wildcat Resources (WC8)

• Retained at overweight at Barrenjoey; Price Target: $0.30

WEB Travel Group (WEB)

• Retained at buy at UBS; Price Target: $5.75

Wesfarmers (WES)

• Upgraded to equal-weight from underweight at Morgan Stanley; Price Target: $93.50 from $70.70

Whitehaven Coal (WHC)

• Retained at neutral at Barrenjoey; Price Target: $6.50

Scans