After The Close, 19 June 2008
Merv’s Daily Uranium Index
Market Data
Open: 274.46
High: 279.06
Low: 265.75
Close: 271.52
Volume: 4056
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Back in February we had a month of minor Index changes, on the up side. Now we almost have a month of minor Index changes, on the down side. In February the result was a turn around in the Index to lower levels. This time we should see a turn around to higher levels (all fingers being crossed). But it’s a waiting game, which gets frustrating.
The Merv’s Daily Uranium Index closed down for the fourth day in a row. The decline was, as it has been for some time now, minor in nature. The cumulative effect so far has not been that drastic even though some individual stocks have seen significant declines. The Index was lower by 2.45 points or 0.90%. There were 13 winners, 31 losers and 6 going nowhere. Cameco lost 0.8%, Denison lost 0.2%, First Uranium gained 0.3%, Paladin gained 4.9% and Uranium One lost 2.1%. The best daily gainer was Xemplar Energy with a gain of 16.5% while the worst daily performer was East Asia Minerals with a loss of 17.8%.
Nothing has changed in the indicators for the intermediate or short term. Readers can go to yesterday’s commentary and it would be the same today. BOTH time periods are still rated as BEARISH.
The only additional comment I might make today is to highlight the fact that the past few weeks of daily activity has been trapped inside a downward sloping channel and as long as it remains trapped in such channel the direction of least resistance will continue to be downward. The other brief comment is relative to the Stochastic Oscillator. The oscillator has now turned downward BUT is still slightly above its positive sloping trigger line. All this continues to take place in its negative zone. The immediate term direction continues to be downward until a reversal is indicators takes place.
Merv’s Daily Uranium Index
Market Data
Open: 274.46
High: 279.06
Low: 265.75
Close: 271.52
Volume: 4056
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Back in February we had a month of minor Index changes, on the up side. Now we almost have a month of minor Index changes, on the down side. In February the result was a turn around in the Index to lower levels. This time we should see a turn around to higher levels (all fingers being crossed). But it’s a waiting game, which gets frustrating.
The Merv’s Daily Uranium Index closed down for the fourth day in a row. The decline was, as it has been for some time now, minor in nature. The cumulative effect so far has not been that drastic even though some individual stocks have seen significant declines. The Index was lower by 2.45 points or 0.90%. There were 13 winners, 31 losers and 6 going nowhere. Cameco lost 0.8%, Denison lost 0.2%, First Uranium gained 0.3%, Paladin gained 4.9% and Uranium One lost 2.1%. The best daily gainer was Xemplar Energy with a gain of 16.5% while the worst daily performer was East Asia Minerals with a loss of 17.8%.
Nothing has changed in the indicators for the intermediate or short term. Readers can go to yesterday’s commentary and it would be the same today. BOTH time periods are still rated as BEARISH.
The only additional comment I might make today is to highlight the fact that the past few weeks of daily activity has been trapped inside a downward sloping channel and as long as it remains trapped in such channel the direction of least resistance will continue to be downward. The other brief comment is relative to the Stochastic Oscillator. The oscillator has now turned downward BUT is still slightly above its positive sloping trigger line. All this continues to take place in its negative zone. The immediate term direction continues to be downward until a reversal is indicators takes place.
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