After The Close, 31 July 2008
Merv’s Daily Uranium Index
Market Data
Open: 241.85
Hugh: 246.49
Low: 234.81
Close: 239.43
Volume: 3248
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
I don’t recall when it was last that I’ve seen a situation such as this. A week ago last Thursday we had a plunge in price. These plunges usually, but not always, signify a direction overdone and a bottom of some sorts is usually reached. Well, it seems that a bottom of some sorts was reached and the action for the last five days since has been confined within the high and low price of the plunge day. Usually the price is trapped within such confines for a day or two, maybe three at the most but we have five now. Whichever way that the Index closed, above or below the plunge range, should tell us the direction for some time. It’s a wait and see thing.
The Merv’s Daily Uranium Index closed slightly lower today, down 0.99 points or 0.41%. There were 21 winners, 24 losers and 5 unchanged. Cameco lost 1.3%, Denison gained 0.1%, First Uranium gained 0.2%, Paladin lost 2.5% and Uranium One lost 0.8%. The best mover on the day was NWT Uranium with a gain of 14.8% while the worst mover was Aurora Energy with a loss of 10.0%.
There was not much action in the intermediate term indicators other than the momentum indicator has now moved right on top of its trigger line but has not quite crossed it. The trigger continues to point downward but that could change. Since nothing new has happened I continue with the intermediate term BEARISH rating.
I’m not much of a MACD lover. It is probably the most popular momentum indicator used by the industry (those who know what they are doing and those who don’t). I have found problems with it and am not sure if it is a short term or an intermediate term indicator when used with a daily chart. But it is popular so I show it every now and then.
As for the normal indicators, on the short term we are where we were yesterday. Nothing new to report today. Therefore, the short term rating remains BEARISH.
Although the Index closed lower on the day it is still very slightly above its very short term moving average line. Everything else also remains the same from yesterday as far as the immediate direction of least resistance. That would still be to the up side. We’ll have to wait at least another day for better confirmation of this.
Merv’s Daily Uranium Index
Market Data
Open: 241.85
Hugh: 246.49
Low: 234.81
Close: 239.43
Volume: 3248
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
I don’t recall when it was last that I’ve seen a situation such as this. A week ago last Thursday we had a plunge in price. These plunges usually, but not always, signify a direction overdone and a bottom of some sorts is usually reached. Well, it seems that a bottom of some sorts was reached and the action for the last five days since has been confined within the high and low price of the plunge day. Usually the price is trapped within such confines for a day or two, maybe three at the most but we have five now. Whichever way that the Index closed, above or below the plunge range, should tell us the direction for some time. It’s a wait and see thing.
The Merv’s Daily Uranium Index closed slightly lower today, down 0.99 points or 0.41%. There were 21 winners, 24 losers and 5 unchanged. Cameco lost 1.3%, Denison gained 0.1%, First Uranium gained 0.2%, Paladin lost 2.5% and Uranium One lost 0.8%. The best mover on the day was NWT Uranium with a gain of 14.8% while the worst mover was Aurora Energy with a loss of 10.0%.
There was not much action in the intermediate term indicators other than the momentum indicator has now moved right on top of its trigger line but has not quite crossed it. The trigger continues to point downward but that could change. Since nothing new has happened I continue with the intermediate term BEARISH rating.
I’m not much of a MACD lover. It is probably the most popular momentum indicator used by the industry (those who know what they are doing and those who don’t). I have found problems with it and am not sure if it is a short term or an intermediate term indicator when used with a daily chart. But it is popular so I show it every now and then.
As for the normal indicators, on the short term we are where we were yesterday. Nothing new to report today. Therefore, the short term rating remains BEARISH.
Although the Index closed lower on the day it is still very slightly above its very short term moving average line. Everything else also remains the same from yesterday as far as the immediate direction of least resistance. That would still be to the up side. We’ll have to wait at least another day for better confirmation of this.
3 comments:
merv, nice site. i trade and follow u308 stocks very intensely. you'd be wise to follow what ML has been selling and doing lately... as they are the front for the hedge funds that trade these babies, some of them in an almost robot like fashion...
level 2 on the canadian ones is very revealing...keep it up...
Who is ML?
My guess is Merrill lynch.
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