After The Close, 23 July 2008
Merv’s Daily Uranium Index
Market Data
Open: 249.92
Hugh: 252.47
Low: 239.09
Close: 243.83
Volume: 4397
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
This looking for something positive in the chart or indicators just isn’t working. We had a decided negative day and unfortunately this seems to confirm the support break of a few days back. The lateral few days have ended and the direction is once more to the down side. But I’m getting ahead of myself.
The Merv’s Daily Uranium Index closed lower by 6.31 points or 2.52%. This is now not an insignificant decline. There were only 12 winners on the day with 30 losers and 8 who could not make up their mind which way to go. Of the largest stocks, nothing but losers today. Cameco lost 2.9%, Denison lost 3.7%, First Uranium lost 0.7%, Paladin lost 5.8% and Uranium One lost 5.4%. Except for First Uranium the losses of these majors were greater than the overall Index. As for the best and worst, all of the moves were single digit except for the worst loss. The best gainer on the day was Uranium Resources with a gain of 8.9% while the worst loss was Titan Uranium with a loss of 11.8%, the only double digit mover.
Nothing much is changing from the intermediate term except that everything is moving lower and lower. We are definitely into new bear market lows although the major commercial Indices are not there yet (but remember their inclusion of other than mining stocks). The Index remains below its negative sloping moving average line and the momentum indicator remains below its neutral line in the negative zone and below its negative trigger line. The volume indicator is moving lower, below its negative trigger line, but is not yet at new low levels. It and the momentum indicators still have a little ways to go to get into their new lows. Both are, however, suggesting a negative strength behind the market move. For now the intermediate term rating remains BEARISH.
As for the short term nothing here has changed either, except for being more negative each day. The Index remains below its negative moving average line and the momentum indicator remains in its negative zone below its negative trigger line. I almost feel like saying “this is a recording” but will stifle the urge. The daily volume is low but that is normal and not an indication of anything in particular. There is an interesting deviation between the short term momentum and the Stochastic Oscillator. While the momentum is moving lower and has now entered its oversold zone the Stochastic Oscillator continues to move sideways just above its oversold zone. I’m not sure if this means anything but after all one would expect the Stochastic Oscillator to be more aggressive, in whatever direction, than the momentum indicator. Maybe it’s telling us that the worst is over but that would only be another attempt at trying to find something rosy in the indicators. For now the short term rating remains BEARISH and the immediate term direction of motion has reverted back to the down side.
Merv’s Daily Uranium Index
Market Data
Open: 249.92
Hugh: 252.47
Low: 239.09
Close: 243.83
Volume: 4397
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
This looking for something positive in the chart or indicators just isn’t working. We had a decided negative day and unfortunately this seems to confirm the support break of a few days back. The lateral few days have ended and the direction is once more to the down side. But I’m getting ahead of myself.
The Merv’s Daily Uranium Index closed lower by 6.31 points or 2.52%. This is now not an insignificant decline. There were only 12 winners on the day with 30 losers and 8 who could not make up their mind which way to go. Of the largest stocks, nothing but losers today. Cameco lost 2.9%, Denison lost 3.7%, First Uranium lost 0.7%, Paladin lost 5.8% and Uranium One lost 5.4%. Except for First Uranium the losses of these majors were greater than the overall Index. As for the best and worst, all of the moves were single digit except for the worst loss. The best gainer on the day was Uranium Resources with a gain of 8.9% while the worst loss was Titan Uranium with a loss of 11.8%, the only double digit mover.
Nothing much is changing from the intermediate term except that everything is moving lower and lower. We are definitely into new bear market lows although the major commercial Indices are not there yet (but remember their inclusion of other than mining stocks). The Index remains below its negative sloping moving average line and the momentum indicator remains below its neutral line in the negative zone and below its negative trigger line. The volume indicator is moving lower, below its negative trigger line, but is not yet at new low levels. It and the momentum indicators still have a little ways to go to get into their new lows. Both are, however, suggesting a negative strength behind the market move. For now the intermediate term rating remains BEARISH.
As for the short term nothing here has changed either, except for being more negative each day. The Index remains below its negative moving average line and the momentum indicator remains in its negative zone below its negative trigger line. I almost feel like saying “this is a recording” but will stifle the urge. The daily volume is low but that is normal and not an indication of anything in particular. There is an interesting deviation between the short term momentum and the Stochastic Oscillator. While the momentum is moving lower and has now entered its oversold zone the Stochastic Oscillator continues to move sideways just above its oversold zone. I’m not sure if this means anything but after all one would expect the Stochastic Oscillator to be more aggressive, in whatever direction, than the momentum indicator. Maybe it’s telling us that the worst is over but that would only be another attempt at trying to find something rosy in the indicators. For now the short term rating remains BEARISH and the immediate term direction of motion has reverted back to the down side.
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