After The Close, 12 Aug 2008
Merv’s Daily Uranium Index
Market Data
Open: 211.63
Hugh: 216.24
Low: 203.54
Close: 209.95
Volume: 3351
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another day and another bummer. This is getting monotonous. However, today was nothing like yesterday and if the trend continues maybe tomorrow will be a brighter day. In the mean time we must live with what the market throws at us.
The Merv’s Daily Uranium Index closed lower by 1.99 points or 0.94%. There were 18 winners and 26 losers with 6 unchanged. As for the five largest stocks, Cameco gained 0.6%, Denison lost 0.2%, First Uranium gained 0.6%, Paladin gained 1.2% and Uranium Participation was one of those going nowhere with an unchanged close. The best daily performer was Alberta Star with a gain of only $0.025 but that translated into a 10.6% gain. The worst performer was Quaterra with a loss of 16.7%.
On the intermediate term nothing has changed from yesterday so I’ll cut it short and just say that the rating remains BEARISH.
On the short term nothing has changed here either. The short term therefore remains BEARISH.
As for the immediate direction of least resistance, I still can’t find any reason to change the pervious downside as the direction of least resistance so, downside it is.
Today was a quickie commentary but that’s the way it goes sometimes. There is still no technical reason that investors or speculators should be in this market. The turn will come and so will the time to jump back in but now is not it. Having said that, watch the market explode on the up side to show me wrong.
Merv’s Daily Uranium Index
Market Data
Open: 211.63
Hugh: 216.24
Low: 203.54
Close: 209.95
Volume: 3351
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another day and another bummer. This is getting monotonous. However, today was nothing like yesterday and if the trend continues maybe tomorrow will be a brighter day. In the mean time we must live with what the market throws at us.
The Merv’s Daily Uranium Index closed lower by 1.99 points or 0.94%. There were 18 winners and 26 losers with 6 unchanged. As for the five largest stocks, Cameco gained 0.6%, Denison lost 0.2%, First Uranium gained 0.6%, Paladin gained 1.2% and Uranium Participation was one of those going nowhere with an unchanged close. The best daily performer was Alberta Star with a gain of only $0.025 but that translated into a 10.6% gain. The worst performer was Quaterra with a loss of 16.7%.
On the intermediate term nothing has changed from yesterday so I’ll cut it short and just say that the rating remains BEARISH.
On the short term nothing has changed here either. The short term therefore remains BEARISH.
As for the immediate direction of least resistance, I still can’t find any reason to change the pervious downside as the direction of least resistance so, downside it is.
Today was a quickie commentary but that’s the way it goes sometimes. There is still no technical reason that investors or speculators should be in this market. The turn will come and so will the time to jump back in but now is not it. Having said that, watch the market explode on the up side to show me wrong.
4 comments:
Thank you for your posts.
In many narrow trending markets, up or down, isn't there oftenan "exhaustion move" that break the channel / trend lines, stalls out, and may signal a bottom for a nimble trader to enter at?
Great posts and thanks for your work!
Brian,
You are more likely to see a gentle reversal move in narrow markets, like a saucer reversal. Sharp exhaustion moves are more likely to occur in active markets such as one would see in a V shaped reversal. I am more cautious in my assessment and wait for the indicators to turn. You might miss the occasional volatile reversal day but you are more likely to save yourself a lot of grief.
I agree with you. My comment was based on 3 years of NQ observation and day trading... Uranium is a MUCH less volitile market, but one with HUGE upside.
Post a Comment