After the Close, 27 Feb 2008
1% here and 1% there but still we’re not getting anywhere. It’s a little frustrating waiting for some significant action but all we get is nibble, nibble. The Merv’s Daily Uranium Index was up another 0.037 points or 1.05%. Looking at the chart that still hasn’t gotten us where I would like to see the Index, that is, decisively through those resistance levels and on into new rally highs. But no, it’s nibble, nibble. There were 25 winners on the day and 24 losers with one unchanged. You can’t get much closer to a neutral day than that. Still no run-away winners (or losers). Of the five largest stocks it was another mixed day. Cameco lost 1.8%, Denison gained 0.5%, First Uranium lost 1.3%, Paladin gained 1.9% and Uranium One gained 9.0%. The best daily performer was a WOW. Hathor Exploration gained 128.0% on the day. Must have been something they said. The worst performer, on the other hand, was not so bad. Magnum Uranium was the loser with a loss of 6.9%.
The intermediate term is still failing to reverse its indicators. Now, the moving average seems closer to a breach than the momentum indicator. The Index remains below a negative moving average line but the line now is turning more and more into a horizontal, although not quite into a positive slope yet. The momentum remains in a somewhat lateral trend but still inside its negative zone. It is still above its trigger line so that the basic direction remains in a positive direction. The intermediate term rating remains BEARISH.
On the short term the Index remains above its positive moving average line and the momentum indicator remains in its positive zone. The Index remains trapped inside that upward sloping channel but is at the low level and looks like it may want to break below the lower support trend line. As for the more aggressive Stochastic Oscillator, it remains in a lateral trend but still well inside its positive zone. It has not indicated any preference for a positive or negative Index move for over a week now. The short term rating remains BULLISH.
With the short term bullish and the intermediate term bearish something’s gotta give. Either the short term turns back into the bearish camp or it continues to advance turning the intermediate term into a bull. It’s the waiting at this point that is so frustrating.
Before you invest, Always check your market timing with a
Qualified Professional Market Technician
1% here and 1% there but still we’re not getting anywhere. It’s a little frustrating waiting for some significant action but all we get is nibble, nibble. The Merv’s Daily Uranium Index was up another 0.037 points or 1.05%. Looking at the chart that still hasn’t gotten us where I would like to see the Index, that is, decisively through those resistance levels and on into new rally highs. But no, it’s nibble, nibble. There were 25 winners on the day and 24 losers with one unchanged. You can’t get much closer to a neutral day than that. Still no run-away winners (or losers). Of the five largest stocks it was another mixed day. Cameco lost 1.8%, Denison gained 0.5%, First Uranium lost 1.3%, Paladin gained 1.9% and Uranium One gained 9.0%. The best daily performer was a WOW. Hathor Exploration gained 128.0% on the day. Must have been something they said. The worst performer, on the other hand, was not so bad. Magnum Uranium was the loser with a loss of 6.9%.
The intermediate term is still failing to reverse its indicators. Now, the moving average seems closer to a breach than the momentum indicator. The Index remains below a negative moving average line but the line now is turning more and more into a horizontal, although not quite into a positive slope yet. The momentum remains in a somewhat lateral trend but still inside its negative zone. It is still above its trigger line so that the basic direction remains in a positive direction. The intermediate term rating remains BEARISH.
On the short term the Index remains above its positive moving average line and the momentum indicator remains in its positive zone. The Index remains trapped inside that upward sloping channel but is at the low level and looks like it may want to break below the lower support trend line. As for the more aggressive Stochastic Oscillator, it remains in a lateral trend but still well inside its positive zone. It has not indicated any preference for a positive or negative Index move for over a week now. The short term rating remains BULLISH.
With the short term bullish and the intermediate term bearish something’s gotta give. Either the short term turns back into the bearish camp or it continues to advance turning the intermediate term into a bull. It’s the waiting at this point that is so frustrating.
Before you invest, Always check your market timing with a
Qualified Professional Market Technician
4 comments:
Merv,
Very frustrating, to say the least. I tend to think Uraniums will BUST out to the upside. In the Short term we may see a bit of weakness than we should get a pretty violent move to the upside.
Thanks again
FW
FW,
But will they really "exceed old highs"? April of last year seems like an aweful top, with many stocks being doubles or triples away from getting anywhere close to those highs.
Merv, is there any technical analysis what might indicate the April 07 top was just "a" top vs THE top? Or does TA not touch that area?
I don't find it frustrating at all right now. At least I'm not losing boatloads of money every day like before :) Heck, I've been able to cut some losses and even things out here. What's bad about that?
I don't mind the slow climb here either... it seems somewhat healthier to me than a violent swing.
Look for Monday to show some renewed buying interest, as data comes in Friday, and certain newsletter writers send out their advice after market close.
I'm just glad that February rally I was looking for came to fruition... finally. I can make another comment and not hide in shame any longer ;)
Thanks Merv.
To my knowledge there is no technical analysis that will tell you that anything is THE top or bottom. Some indicators will suggest if the top or bottom is of major or minor consideration but even if major there is no guarantee it is THE top or bottom.
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