URNM

I have orders outstanding to sell near term puts on URNM (Sprott Uranium Miners), trying to take advantage of this pullback to acquire shares. The reason I am selling puts short, using out of the money strike prices, is that tomorrow is the FOMC announcement on rates, and while things are quiet now, we often see a spike in many markets once the news breaks. I don’t care what they do, the edge is in taking advantage of any spike lower in order to add to our long positions in uranium miners. If we get no orders filled on the options, I will cancel them, and add to our current uranium holdings, including CCJ, NXE, UEX, DNN, DYL.AX, and others, raising total risk on the group by 1%. Here is the weekly chart:

As always, my trendine are “loosely” drawn, not meant to be exact lines in the sand, more just general areas I see as favorable to take action. So far the uranium stocks have treated us well, so we can chalk the above intended purchases as “adding to a winner.”