After The Close, 21 May 2008
Merv’s Daily Uranium Index
Market Data
Open: 309.11
Hugh: 319.37
Low: 294.71
Close: 301.63
Volume: 8816
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Not so fast, says the market. It has a way of slapping you down if you get too confident. The loss on the day was not unusual and could have been expected but one always looks on the bright side. As I so often say, it’s a good thing I have the indicators to fall back on and keep me focused.
The Merv’s Daily Uranium Index closed lower by 5.85 points or 1.90%. There were 23 winners, 25 losers and 2 unchanged. Looking at the breadth, it was almost a neutral day. As for the five largest stocks, they were mixed. Cameco lost 5.4%, Denison gained 1.9%, First Uranium gained 2.3%, Paladin lost 1.5% and Uranium One lost 5.5%. The best performer on the day was Aurora Energy with a gain of 7.6% while the worst performer was Yellowcake Mining (now where have I heard of that company before?) with a loss of 16.2%.
This one day reaction has done nothing to the intermediate term. The Index is still above its positive moving average line and the momentum indicator is still in its negative zone but above its positive trigger line. The volume indicator continues to move above its positive trigger line. The intermediate term rating remains BULLISH.
As for the short term, if there was going to be a surprise reversal we should see it here first. So far, so good. The Index is still well above its positive sloping moving average line and the momentum indicator continues in its positive zone above its positive trigger line. The short term rating remains BULLISH.
As for the immediate term direction of the Index, that also still looks positive. The Index remains above its very short term positive moving average line, the Stochastic Oscillator continues to move slightly higher in its positive zone and above its positive trigger line and the action remains within a short term up trending channel.
Nothing yet to get all up tight about but in the initial stage of a potential new move, that is the most dangerous period so we’ll have to be on guard, just in case.
Merv’s Daily Uranium Index
Market Data
Open: 309.11
Hugh: 319.37
Low: 294.71
Close: 301.63
Volume: 8816
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Not so fast, says the market. It has a way of slapping you down if you get too confident. The loss on the day was not unusual and could have been expected but one always looks on the bright side. As I so often say, it’s a good thing I have the indicators to fall back on and keep me focused.
The Merv’s Daily Uranium Index closed lower by 5.85 points or 1.90%. There were 23 winners, 25 losers and 2 unchanged. Looking at the breadth, it was almost a neutral day. As for the five largest stocks, they were mixed. Cameco lost 5.4%, Denison gained 1.9%, First Uranium gained 2.3%, Paladin lost 1.5% and Uranium One lost 5.5%. The best performer on the day was Aurora Energy with a gain of 7.6% while the worst performer was Yellowcake Mining (now where have I heard of that company before?) with a loss of 16.2%.
This one day reaction has done nothing to the intermediate term. The Index is still above its positive moving average line and the momentum indicator is still in its negative zone but above its positive trigger line. The volume indicator continues to move above its positive trigger line. The intermediate term rating remains BULLISH.
As for the short term, if there was going to be a surprise reversal we should see it here first. So far, so good. The Index is still well above its positive sloping moving average line and the momentum indicator continues in its positive zone above its positive trigger line. The short term rating remains BULLISH.
As for the immediate term direction of the Index, that also still looks positive. The Index remains above its very short term positive moving average line, the Stochastic Oscillator continues to move slightly higher in its positive zone and above its positive trigger line and the action remains within a short term up trending channel.
Nothing yet to get all up tight about but in the initial stage of a potential new move, that is the most dangerous period so we’ll have to be on guard, just in case.
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