After the Close, 26 Feb 2008
When I first looked at the Index, after the close, I thought to myself, Oh-Oh, this looks like the top. But on closer examination of the component stocks the total day’s decline was the result of only one stock, that of USEC, Inc. Take away the action of this one stock and the Index was just about neutral on the day. Still not any great shakes but better than a decline. I’ll go into what this means, if anything, below. For now, the Merv’s Daily Uranium Index closed lower by 0.045 points or 1.27%. There were 15 winners, 29 losers and 6 unchanged. Taking away USEC from the list that would still leave 28 losers for a negative day even if the Index showed a neutral (minus USEC) close. Of the five largest stocks Cameco gained 2.9%, Denison gained 2.6%, First Uranium lost 0.6%, Paladin lost 1.3% and Uranium One was back on the down side with a loss of 3.4%. The best daily performer was Magnum Uranium with a gain of 14.1$ while the worst performer was USEC with a loss of 26.3%.
The Index spent the day trapped between the intermediate and short term moving average lines. It also seems to be reacting from the third FAN trend line but I’ll wait another day to see if such reaction is for real or only highly influenced by the one stock decline. Despite the closeness of the moving average it is still above the Index and still moving downwards, although more and more at a decelerating rate. The momentum indicator continues well inside its negative zone and after today’s action is pointing lower, although still above its trigger line. The intermediate term rating still remains BEARISH.
This one day reaction has not changed the short term any. The Index is still above its positive sloping moving average line and the momentum is still in its positive zone. The day’s action has turned the momentum downward but as with the intermediate term, it is still above its trigger line. The aggressive Stochastic Oscillator continues to move in a lateral direction not being able to make up its mind which way to go. Although the Index is toying with the lower support trend line it remains in the upward sloping channel for now. For another day the short term rating remains BULLISH.
Before you invest, Always check your market timing with a
Qualified Professional Market Technician
When I first looked at the Index, after the close, I thought to myself, Oh-Oh, this looks like the top. But on closer examination of the component stocks the total day’s decline was the result of only one stock, that of USEC, Inc. Take away the action of this one stock and the Index was just about neutral on the day. Still not any great shakes but better than a decline. I’ll go into what this means, if anything, below. For now, the Merv’s Daily Uranium Index closed lower by 0.045 points or 1.27%. There were 15 winners, 29 losers and 6 unchanged. Taking away USEC from the list that would still leave 28 losers for a negative day even if the Index showed a neutral (minus USEC) close. Of the five largest stocks Cameco gained 2.9%, Denison gained 2.6%, First Uranium lost 0.6%, Paladin lost 1.3% and Uranium One was back on the down side with a loss of 3.4%. The best daily performer was Magnum Uranium with a gain of 14.1$ while the worst performer was USEC with a loss of 26.3%.
The Index spent the day trapped between the intermediate and short term moving average lines. It also seems to be reacting from the third FAN trend line but I’ll wait another day to see if such reaction is for real or only highly influenced by the one stock decline. Despite the closeness of the moving average it is still above the Index and still moving downwards, although more and more at a decelerating rate. The momentum indicator continues well inside its negative zone and after today’s action is pointing lower, although still above its trigger line. The intermediate term rating still remains BEARISH.
This one day reaction has not changed the short term any. The Index is still above its positive sloping moving average line and the momentum is still in its positive zone. The day’s action has turned the momentum downward but as with the intermediate term, it is still above its trigger line. The aggressive Stochastic Oscillator continues to move in a lateral direction not being able to make up its mind which way to go. Although the Index is toying with the lower support trend line it remains in the upward sloping channel for now. For another day the short term rating remains BULLISH.
Before you invest, Always check your market timing with a
Qualified Professional Market Technician
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