After The Close, 29 July 2008
Merv’s Daily Uranium Index
Market Data
Open: 241.83
Hugh: 245.06
Low: 234.20
Close: 237.41
Volume: 2399
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
A little disappointment today but nothing too great. The trend still remains more one of a lateral nature with the daily high and low still within the confines of the Thursday plunge, which seemed to have ended the slide, at least temporarily. Although I still have that very serious projection to the 190 level one can always hope that it will not be met. At some point a projection will not be met and a reversal will take hold. One of the recent comments asked “if I was not a fundamentalist then how do I know a reversal will come?” My only answer is that one must have hope. Besides, it’s unimaginable for the Index to go to zero. Moves almost always go further than fundamentals might suggest and then we get a good rally or a long change in market direction. What that reversal point is I don’t know ahead of time but the indicators should warn us when the reversal move is on.
Today, the Merv’s Daily Uranium Index closed lower by 2.21 points or 0.92%. There were twice as many losers as winners with 15 on the up side, 32 on the down side and 3 on no side. Of the five largest stocks, Cameco lost 1.1%, Denison lost 1.5%, First Uranium lost 3.6%, Paladin lost 0.8% and Uranium One gained 1.4%. The best gainer on the day was Tournigan Energy with a gain of 9.7% while the loser of the day was Strathmore Minerals with a 14.8% loss.
On the intermediate term we are still some distance from anything significant happening to the trend. Everything is still negative so I wouldn’t go through the whole routine today. The intermediate term rating remains BEARISH.
The Index moved up almost to its short term moving average line but couldn’t quite get the steam to move above it. In the end the Index closed lower below its still negative sloping moving average line. The momentum indicator reversed it direction with the Index and closed just below its trigger line, still in its negative zone and below its oversold line. The trigger has also turned downwards again so all is moving once more towards the negative. The short term must continue to be rated as BEARISH.
As mentioned above, the daily activity was all within the confines of the Thursday plunge action. This continues the lateral trend of the past few days. The Stochastic Oscillator has not reacted to the downward move of the Index and continues to move higher above its positive trigger line. Although it is above its oversold line it is still inside its negative zone. The Index breached its very short term moving average line but ended the day below the line. The immediate direction of least resistance continues to be in the lateral direction for now. It will eventually get out of the lateral direction, but which way is the mystery.
Merv’s Daily Uranium Index
Market Data
Open: 241.83
Hugh: 245.06
Low: 234.20
Close: 237.41
Volume: 2399
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
A little disappointment today but nothing too great. The trend still remains more one of a lateral nature with the daily high and low still within the confines of the Thursday plunge, which seemed to have ended the slide, at least temporarily. Although I still have that very serious projection to the 190 level one can always hope that it will not be met. At some point a projection will not be met and a reversal will take hold. One of the recent comments asked “if I was not a fundamentalist then how do I know a reversal will come?” My only answer is that one must have hope. Besides, it’s unimaginable for the Index to go to zero. Moves almost always go further than fundamentals might suggest and then we get a good rally or a long change in market direction. What that reversal point is I don’t know ahead of time but the indicators should warn us when the reversal move is on.
Today, the Merv’s Daily Uranium Index closed lower by 2.21 points or 0.92%. There were twice as many losers as winners with 15 on the up side, 32 on the down side and 3 on no side. Of the five largest stocks, Cameco lost 1.1%, Denison lost 1.5%, First Uranium lost 3.6%, Paladin lost 0.8% and Uranium One gained 1.4%. The best gainer on the day was Tournigan Energy with a gain of 9.7% while the loser of the day was Strathmore Minerals with a 14.8% loss.
On the intermediate term we are still some distance from anything significant happening to the trend. Everything is still negative so I wouldn’t go through the whole routine today. The intermediate term rating remains BEARISH.
The Index moved up almost to its short term moving average line but couldn’t quite get the steam to move above it. In the end the Index closed lower below its still negative sloping moving average line. The momentum indicator reversed it direction with the Index and closed just below its trigger line, still in its negative zone and below its oversold line. The trigger has also turned downwards again so all is moving once more towards the negative. The short term must continue to be rated as BEARISH.
As mentioned above, the daily activity was all within the confines of the Thursday plunge action. This continues the lateral trend of the past few days. The Stochastic Oscillator has not reacted to the downward move of the Index and continues to move higher above its positive trigger line. Although it is above its oversold line it is still inside its negative zone. The Index breached its very short term moving average line but ended the day below the line. The immediate direction of least resistance continues to be in the lateral direction for now. It will eventually get out of the lateral direction, but which way is the mystery.
No comments:
Post a Comment