Nasdaq and S&P500 make records despite war worries. Felt like a week to hunker down and lock in some profits and plan long uranium LEAPs
Portfolio News
In a week where S&P 500 rose 2.35% and Europe rose 1.1%, my pension portfolio rose 1.7%. Another week of not enough tech stocks and heavy weighting to commodities.
Big movers of the week were Austral Resources Australia (AR1.AX) (34.6%), SK hynix (HY9H.F) (26.8%), Tess Holdings (5074.T) (22.3%), Black Bear Minerals (BKB.AX) (18.6%), iShares MSCI South Korea ETF (EWY) (17.4%), CleanSpark(CLSK) (16.7%), WhiteHawk (WHK.AX) (16.7%), Advance Metals (AVM.AX) (16.5%), Curaleaf Holdings(CURA.TO) (15.9%), OD6 Metals (OD6.AX) (14.8%), West Coast Silver (WCE.AX) (14.3%), Articore Group (ATG.AX) (14.3%), Yunnan Tin Company (000960.SZ) (14.3%), Pan American Silver (PAAS) (14.1%), Atha Energy (SASK.V) (13.9%), Sun Silver (SS1.AX) (13.8%), GoGold Resources (GGD.TO) (13.6%), Power Minerals (PNN.AX) (13.6%), Toshiba Tec Corporation (6588.T) (13.4%), ADX Energy (ADX.AX) (13.3%), Starr Peak Mining (STE.V) (13.1%), Haranga Resources (HAR.AX) (11.5%), Barrick Mining Corporation (B) (11.1%), Broken Hill Mines (BHM.AX) (10.5%), Standard Uranium (STND.V) (10.5%), Wheaton Precious Metals Corp (WPM) (10.3%), Investigator Silver (IVR.AX) (10.2%), First Majestic Silver (AG) (10.1%), Alamos Gold (AGI) (10%), Lodestar Minerals (LSR.AX) (10%), Viking Mines (VKA.AX) (10%)
31 stocks in the big movers list. A few big themes stand out - from the top: gold/silver mining (14 stocks), marijuana (1 stock), alternate energy (2 stocks), uranium (2 stocks), rare earths (2 stocks). Interesting to see big move in South Korea (2 stocks).
US markets chopped up and down on war news, oil moves, earnings and ending with a solid jobs report and records for S&P500 and Nasdaq. Japan markets reaches all time high too. Starting to see a few headlines like that first one - journalists trying to spook the markets
Crypto Builds
Bitcoin price pushed higher then drifted, then finishing the week 1.5% higher than the open with a trough to peak range of 6%.
Ethereum price pushed higher and drifted finishing the week 2.3% lower than the open with a peak to trough range of 6.5%.
A few moves off the lows in altcoins - maybe finding a bottom. Internet Computer (ICPBTC) making a big move - up 80% giving away half.
Cardano (ADAETH) showing a 15% move up and moving averages look like they could cross over
Solana (SOLETH) showing signs of getting over the hack story
And lastly a pump and dump for Hive (HIVE). Moving averages did cross over.
Nuclear Energy Holdings
A few additions and a 0.6% increase in valuations - been a slow few weeks. Maybe the tide is turning on uranium.
Mix of holdings sees a few changes - Energy Fuels (UUUU) and Denison Mines Corp (DNN) swap places in slots 3 and 4. NuScale Power Corporation (SMR) comes into top 10 in slot 10 displacing Atomic Eagle (AEU.AX). Share of portfolios goes up half a point.
A few subtle changes in holdings by stage - Producing goes up 1.5 points and 2027 On comes down 0.6 points.
Alternate Energy Holdings
One sale is the only change and a modest 0.4% increase in valuations.
No change in the rankings of the top 10 stocks. Number of Others drops one stock and share of portfolios comes down 0.1 points. Other changes in shares are all less than half a point each.
Precious Metals Holdings
Two changes in holdings (one sale and an auto-invest) and a tidy 4.9% increase in valuations. Gold and silver are moving.
Mix of holdings sees CDE and PHGP.L swap places in slots 4 and 5. PGL.AX drops two places to slot 9. Number of Others drops one with the sale there but share of Others goes up 0.6 points. Share of portfolios goes up 0.2 points
Bought
Fermi Inc (FRMI): Nuclear Technology. Assigned early in pension portfolio on sold put. Breakeven $5.57 vs $5.12 open (May 8) - 5 cycles = in the right ball park
Yellow Cake plc (YCA.L): Uranium. Used a down day to top up - keen to keep adding physical uranium somewhat in step with the other additions made last week.
Mastercard Incorporated (MA): Payment Services. Scaled into small holding in pension portfolio on the back of strong revenue growth from Visa (V), its main competitor - a stock for the long term. Sold put outstanding with June expiry remains out-the-money
Energy Fuels (UUUU): Uranium. Price went over the top of a January 2028 15/25 call spread in pension portfolio.
Planned to put in place a 25/35/19 call spread risk reversal for January 2027 expiry. Somehow got that mixed up and landed up with a 25/35 bear call spread and a matching 19 sold put. That leaves a short 25 call and a long 35 call - not what I want when price is expected to move ahead. Only notice after market close. With an ugly 8.4% drop in price in the day - bought a parcel of stock in extended hours trade to convert the short 25 call into a covered call - 2.8% return and 16.2% coverage. That leaves behind a 35/19 diagonal risk reversal, which is not fully funded. There will be time between put expiry and call expiry to sell another put - that will complete the funding OR wait for price to move a ahead a bit and sell a call higher than 35.
Have put the trades on a chart and hidden away others (bar one). The pink arrows are old price scenarios - get two working like that the sold call (25) will end in assignment and price will end above the sold put (19). If there is a light blue arrow move, price will reach the bought call (35) and two of those with a 0.786 retracement will take it in-the-money.
Sold
The Furukawa Battery Co (6937.T): Battery Technology. Closed on merger in pension portfolio for cash locking in 37.4% profit since February 2024 - stock screen idea.
SK hynix (HYNH.F): Korea Semiconductors. Closed out a parcel in pension portfolio to release capital. Locks in 50% profit since March 2026. A bit of an early exit given the appearance in the big movers list this week. Do retain a similar size parcel.
Casino Guichard-Perrachon (CO.PA): French Supermarket. Company presented earnings which shows the turnaround program is building momentum. Chose to close out half the holding - at the size of the last sold put assignment. Rather than book the profit on that assignment - will book a 14.8% blended loss on average cost basis going back to August/September/October 2025/January 2026. Going this way, the average cost per share of the remaining tranche is €0.33 per share.
Now for a chart of a few day's activity after earnings where EBITDA was reported up 10.4% amid ongoing restructuring and legal actions. Thursday range after news was 36% - that had me looking as it took price past last assignment (€0.20). Market closed Friday for holiday. Monday range a whopping 54%. That had me lining up to put on the exit trade at €0.27. Tuesday saw another 35% pop from the open which took out the pending exit order. The market called a trading halt a few times as price and volumes took out the limiters. Have marked on the chart where breakeven is - will set a pending order and exit somewhere there. Trading costs are too high to use covered calls to work toward an exit. Two sold puts proved that.
AuKing Mining Limited (AKN.AX): Rare Earths/Gold Mining. Read the quarterly activities report top to bottom
In TIB750, wrote this as the rationale for buying the stock
AuKing announced they have secured the right to acquire 50% of Cloncurry Gold Project in Northern Queensland. Those assets comprise a central processing plant (Lorena), mining and exploration licences and (as recently announced) access to materials from other mining projects in the region such as Tick Hill, AuKing is well-positioned to play a key role in overseeing the re-establishment of mining and processing operations around Cloncurry in north Queensland
No mention of this project at all - feels like a business that has not got a lot of focus: rare earths in Malawi, tin and silver in Tasmania, stalled copper in WA, maybe some gold in Cloncurry, sold the uranium in Tanzania. Closed out holding in personal portfolio for 350% profit since March 2025.
ASX Portfolio
The segment reports trading in ASX fractional share portfolio. Trade entries are made based on stock screens looking for undervalued stocks (price to book, price earnings, price to sales) that are showing technical signs of breaking a downtrend. Exits are made at 35% profit or 25% if 52 week high is lower than 35% advance. New buys are in $500 lots. Scale ins and top ups in $250 lots
New Buys
McMillan Shakespeare Limited (MMS.AX): HR Services. Dividend yield 7.52%.
Chart shows price been crabbing sideways and downward, found support off a level and reversing. Some scope to reach 52 week high target just above the 2025 highs - that is a little above the most recent broker target.
oOh!Media Ltd (OML.AX): Advertising. Dividend yield 4.96%. Price run up on a bid from Pep (lower green ray) - followed by a higher bid from 1 Squared (upper green ray). Would not normally buy stock in bid situations but this looks like there will be a bidding war and there is a chance of hitting profit target
Chart shows the bids and the stories unfolding hour by hour
Australian Finance Group Ltd (AFG.AX): Financial Services. Dividend yield 4.63%.
Re-entering a trade that worked well last time through (though the exit left a lot on the table = the price of a trading strategy vs an investing strategy). Chart shows price breaking a downtrend and reversing off a level which was the top of the consolidation range through 2024 and 2025. There is profit target potential at the recent highs and the broker targets are all clustered around there.
Auto-Invest
Two sets of auto-invests added this week
$600 spread across 4 uranium stocks, one gold ETF and two index ETFs - in personal portfolio.
Uranium
- Silex Systems Limited (SLX.AX): Uranium Enrichment.
- Global X Uranium ETF AUD (ATOM.AX): Uranium.
- Deep Yellow Limited: Uranium.
- Elevate Uranium (ELV.AX): Uranium.
- Terra Uranium (T92.AX): Uranium.
Indexes
- VanEck Gold Miners ETF (GDX): Gold Mining. Yield 0.5%
- Vanguard Australian Shares Index ETF (VAS.AX): Australian Index. Yield 3.1%
- Vanguard MSCI Index International Shares ETF (VGS.AX): International Index. Yield 2.5%
For my kids portfolio - lowering some cost bases - 7th month
- Bannerman Energy (BMN.AX) - Namibia explorer
- BetaShares Global Uranium ETF (URNM.AX)
- Aura Energy (AEE.AX) - Mauritania developer plus Sweden explorer
- Cauldron Energy (CXU.AX) - Western Australia explorer
Got to say the strategy is being challenged with Cauldron Energy (CXU.AX) delivering a cumulative profit over the uranium profit target. Might put that in hold pattern for the next cycle and switch to another ASX uranium counter.
Sold
Fortescue Ltd (FMG.AX): Base Metals. Saw an ad on TV campaigning for government to cut the diesel subsidy for the 18 largest miners - feels like an act of bad faith to me. The company has collected its fair share of government support - example - the Green Hydrogen scheme. Closed out the holding for 4.8% blended profit since December 2024/February/July 2025. First tranche not profitable.
PLS Group Limited (PLS.AX): Lithium. Decided to apply the strategy for all stocks in this portfolio and closed out remaining holding for 128% blended profit since April 2024/August 2025. Do retain a large holding in pension portfolio.
Income Trades
Covered Calls
Nine covered calls written across two portfolios (Europe 1 US 7 Canada 1)
Reduced holdings in pension portfolio of two covered call ETNs to release capital
UBS ETRACS Silver Shares Covered Call ETN (SLVO): Silver. 1.5% blended loss on FIFO basis since April/August/December 2022/April 2023. Only first tranche was not profitable. Yield of 38.15% makes up for the capital loss.
UBS ETRACS Crude Oil Shares Covered Call ETN (USOI): Oil. 6.4% blended profit on LIFO basis since February/April 2026. Would have been a 24% blended loss on FIFO basis and breakeven on average cost. Going to hold on to this - maybe average down when capital is a bit less tight. Yield 21.08%
Naked Puts
Two naked puts expired on US regional banks
Sold puts happy to own at lower prices
- iShares MSCI South Korea ETF (EWY): South Korea Index. Return 2.1% Coverage 20.3%
- Scorpio Tankers (STNG): Oil Shipping. Return 1% Coverage 22.3%
- Barrick Mining Corporation (B): Gold Mining. Return 2.5% Coverage 3.9% - May expiry
- Gevo, Inc. (GEVO): Specialty Chemicals. Return 5.5% Coverage 2.5% - May expiry
- Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ): US Technology. Return 0.4% Coverage 2.3% - May expiry
- Norwegian Cruise Line Holdings Ltd. (NCLH): Cruising. Return 3.8% Coverage 3.1% - May expiry
- Halliburton Company (HAL): Oil Services. Return 1.15% Coverage 7.3%
- Newmont Corporation (NEM): Gold Mining. Return 0.8% Coverage 5.4% - May expiry
Sold puts on stocks that might get assigned on covered calls
- Halliburton Company (HAL): Oil Services. Return 1.3% Coverage 4.6%
- Rio Tinto Group (RIO): Base Metals. Return 1.6% Coverage 0.4% - May expiry
Kicked the can down the road on sold puts that could be assigned
- ASP Isotopes (ASPI): Nuclear Technology. 22% profit on buy back. 4.9% cash positive.
- Fresenius SE (FRE.DE): German Healthcare. 62% loss on buy back. 134% cash positive - pushes return to 4.4% and only just ITM
Credit Spreads
UniCredit S.p.A. (UCG.MI): Italian Bank. Company announced results that surpassed expectations and pushed price past the top of the 66/62 credit spread help in pension portfolio.
Have a feeling that price could well stay over the top of the spread - grabbed back some of the bought put premium - does trigger a 76% loss there. The contracts do have a 500 multiplier which is a bit more than I want to hold BUT the company is making a bid for Commerzbank (CBK.DE) which could result in a good re-rating if the stock does get assigned. Leaves behind a sold put with 2.6% return and 6.2% coverage (May 5). The 500 multiplier is not comfortable - 1000 shares is a lot at €66 a share.
Resources
Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas
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May 4-8, 2026