After the Close, 21 Feb 2008
Little by little the Merv’s Daily Uranium Index keeps advancing --BUT --there’s the problem, it’s little by little. Major moves are not made little by little, they have major % advances that get the speculative juices flowing. We still do not have those major advances to brighten up the landscape. Even though we have another advance one still can’t get the picture of a topping activity out of one’s mind. There are “feelings” and there are facts. Let’s go to the facts.
The Index closed up 0.033 points or 0.97%. There were 28 winners, 18 losers and 4 unchanged at the close. A major bullish day would have at least 35 winners and much less than 10 losers so although the data shows an up day it was not overly positive. Of the five largest stocks one had a good day but another had a lousy one. Cameco lost 2.1%, Denison was the winner with a gain of 7.0%, First Uranium lost 3.3%, Paladin lost 1.8% and the bummer of the top five was Uranium One with a loss of 17.4%. A downgrade of its production seemed not to be taken kindly by the speculators. Although most of the top five were losers on the day we did have several other stocks with double digit gains, the best being Mega Uranium with a gain of 23.1%. We also had a few double digit losers with the worst of the bunch being Uranium One with that loss of 17.4%.
No change in the intermediate term indicators so I wouldn’t go into the routine today. The intermediate term rating remains BEARISH.
The short term continues to firm up with the indicators getting slightly more positive. The short term momentum indicator has finally moved into its positive zone so all the short term indicators are in sync. It should be noted that both the volume and momentum indicators are above their previous peaks although the Index has not yet breached its previous peak. Both of those indicators are advance warning indicators so one should expect the Index to break though its resistance level, above previous peaks, momentarily. One might get a feeling for a potential topping but one must go with the facts, and the facts are that at this point the short term rating remains BULLISH.
We still have a little more proving to do so that intermediate term speculators are cautioned about jumping in here. You may be right and you might therefore get in at a slightly lower price but until the indicators confirm the trend one must assume that we are just in a short term move that may not last long.
Little by little the Merv’s Daily Uranium Index keeps advancing --BUT --there’s the problem, it’s little by little. Major moves are not made little by little, they have major % advances that get the speculative juices flowing. We still do not have those major advances to brighten up the landscape. Even though we have another advance one still can’t get the picture of a topping activity out of one’s mind. There are “feelings” and there are facts. Let’s go to the facts.
The Index closed up 0.033 points or 0.97%. There were 28 winners, 18 losers and 4 unchanged at the close. A major bullish day would have at least 35 winners and much less than 10 losers so although the data shows an up day it was not overly positive. Of the five largest stocks one had a good day but another had a lousy one. Cameco lost 2.1%, Denison was the winner with a gain of 7.0%, First Uranium lost 3.3%, Paladin lost 1.8% and the bummer of the top five was Uranium One with a loss of 17.4%. A downgrade of its production seemed not to be taken kindly by the speculators. Although most of the top five were losers on the day we did have several other stocks with double digit gains, the best being Mega Uranium with a gain of 23.1%. We also had a few double digit losers with the worst of the bunch being Uranium One with that loss of 17.4%.
No change in the intermediate term indicators so I wouldn’t go into the routine today. The intermediate term rating remains BEARISH.
The short term continues to firm up with the indicators getting slightly more positive. The short term momentum indicator has finally moved into its positive zone so all the short term indicators are in sync. It should be noted that both the volume and momentum indicators are above their previous peaks although the Index has not yet breached its previous peak. Both of those indicators are advance warning indicators so one should expect the Index to break though its resistance level, above previous peaks, momentarily. One might get a feeling for a potential topping but one must go with the facts, and the facts are that at this point the short term rating remains BULLISH.
We still have a little more proving to do so that intermediate term speculators are cautioned about jumping in here. You may be right and you might therefore get in at a slightly lower price but until the indicators confirm the trend one must assume that we are just in a short term move that may not last long.
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