After The Close, 02 April 2008
Well, the slide seems to be halted, at least for one day, however the action is still “boxed” and we’re waiting for a break-out. The Merv’s Daily Uranium Index gained 0.039 points or 1.43%. There were 28 winners, 15 losers and 7 going nowhere. Cameco was a no-go at 0%, Denison was also going nowhere at 0%, First Uranium lost 5.6%, Paladin gained 2.7% and Uranium One gained 9.2%. The best gainer on the day was Yellowcake Mining with a gain of 22.2% while the worst loser was Tournigan Gold with a loss of 6.3%.
The one up day has still done nothing for the intermediate term rating. The Index is still well below its negative sloping moving average line and the momentum indicator remains in its negative zone below its negative sloping trigger line. The indicator is just a hair below its trigger line and another up day should see it break above the trigger. It might still take another day or more for the trigger to turn up to confirm such move, if it comes. The intermediate term rating remains BEARISH.
As for the short term I have already mentioned the “box” that you can see on the chart. The Index is still below its negative moving average line but the line is starting to turn up (it’s not there yet) and the Index is not that far below the line. The momentum indicator is still below its neutral line and still slightly below its oversold line. It has already crossed above its trigger line but the line has not yet turned up. The short term rating must still remain BEARISH.
The very short term moving average line is also starting to turn but is still above the Index. The aggressive Stochastic Oscillator has almost turned fully around but not quite. It remains in its negative zone and still below its negative trigger line. Despite the up day the very short term has not yet reversed and can still be rated as BEARISH, but in the changing process.
Well, the slide seems to be halted, at least for one day, however the action is still “boxed” and we’re waiting for a break-out. The Merv’s Daily Uranium Index gained 0.039 points or 1.43%. There were 28 winners, 15 losers and 7 going nowhere. Cameco was a no-go at 0%, Denison was also going nowhere at 0%, First Uranium lost 5.6%, Paladin gained 2.7% and Uranium One gained 9.2%. The best gainer on the day was Yellowcake Mining with a gain of 22.2% while the worst loser was Tournigan Gold with a loss of 6.3%.
The one up day has still done nothing for the intermediate term rating. The Index is still well below its negative sloping moving average line and the momentum indicator remains in its negative zone below its negative sloping trigger line. The indicator is just a hair below its trigger line and another up day should see it break above the trigger. It might still take another day or more for the trigger to turn up to confirm such move, if it comes. The intermediate term rating remains BEARISH.
As for the short term I have already mentioned the “box” that you can see on the chart. The Index is still below its negative moving average line but the line is starting to turn up (it’s not there yet) and the Index is not that far below the line. The momentum indicator is still below its neutral line and still slightly below its oversold line. It has already crossed above its trigger line but the line has not yet turned up. The short term rating must still remain BEARISH.
The very short term moving average line is also starting to turn but is still above the Index. The aggressive Stochastic Oscillator has almost turned fully around but not quite. It remains in its negative zone and still below its negative trigger line. Despite the up day the very short term has not yet reversed and can still be rated as BEARISH, but in the changing process.
Check back later this evening for the Wednesday mid-week Daily Uranium Index Table.
3 comments:
An article written by Keith Fitz-Gerald
Investment Director
Money Morning/The Money Map Report
stated on March 20th, the S&P 500 Index rose 2.30%, while gold futures dropped -2.5%. Such big disparate moves hardly ever happen in isolation, let alone at the same time. When viewed against the annals of market history, the moves are an anomaly.
Research indicated that 23 prior occurrences of the S&P 500 rising more than 1% on the same day gold futures dropped by more than 2.5% (omitting repeat occurrences within 10 days).
One hundred percent of the time - or 23 out of 23 occurrences if you’d prefer to think about it that way - the S&P 500 has shown a distinct bullish bias that peaks 100 trading days after the "event." The peak would be in August.
Do you think this will have any effect on the uranium markets?
Anonymous,
A friend looked into this and had another friend do a test. Found only 8 or 9 occurances over a more than 20 year period, including one event that produced a loss.
I am always suspect whenever I hear of a 100% success rate.
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