After The Close, 13 Aug 2008
Merv’s Daily Uranium Index
Market Data
Open: 209.97
Hugh: 228.84
Low: 205.61
Close: 222.22
Volume: 6763
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Well, it’s about time. We finally have a winner with the uranium stocks showing some life. However, one day is not enough to jump with joy thinking all our troubles are over. That will still take much more upside action BUT any up day is a day to celebrate.
The Merv’s Daily Uranium Index closed higher by 12.27 points or 5.84%. A nice daily advance. There were 36 winners, 11 losers and 3 undecided. Of the five largest stocks only Cameco was a loser but I guess that was to be expected after the bad news of more water in its mine. Cameco lost 3.4%, Denison gained 16.2%, First Uranium gained 7.3%, Paladin gained 15.5% and Uranium Participation gained 11.1%. We almost had a tie for best daily performer. Tournigan gained 32.6% and Uranium Resources gained 32.4%. On the negative side Uranium 308 lost 10.9%.
The Index had a sharp advance which sort of jolted the indicators a little. Unfortunately, on the intermediate term the indicators are still some distance from any kind of turn around. The Index remains below its negative sloping moving average line and the momentum remains inside its negative zone. However, the momentum indicator has crossed above its trigger line and the sharp action has turned the trigger to the up side. It’s a start but not enough to change the rating yet. The intermediate term rating remains BEARISH.
On the short term the daily range crossed the short term moving average line but the Index could not close above the line. The moving average line remains pointing downward. The short term indicator has crossed its trigger line and the line has turned upwards. In addition, the momentum has crossed back above its oversold line for an indication that the short term may still see more upside ahead. The momentum indicator is showing some strength in that it moved above its previous short term peak of a couple of weeks ago while the Index has not yet crossed its similar peak. So, although the indicators are getting more positive it is not yet time to change the rating. That remains BEARISH for the short term. The action is still trapped inside that channel so we will wait for the channel to be breached.
As for the immediate term direction, well what can you say? That is now to the up side with the velocity of today’s action.
Merv’s Daily Uranium Index
Market Data
Open: 209.97
Hugh: 228.84
Low: 205.61
Close: 222.22
Volume: 6763
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Well, it’s about time. We finally have a winner with the uranium stocks showing some life. However, one day is not enough to jump with joy thinking all our troubles are over. That will still take much more upside action BUT any up day is a day to celebrate.
The Merv’s Daily Uranium Index closed higher by 12.27 points or 5.84%. A nice daily advance. There were 36 winners, 11 losers and 3 undecided. Of the five largest stocks only Cameco was a loser but I guess that was to be expected after the bad news of more water in its mine. Cameco lost 3.4%, Denison gained 16.2%, First Uranium gained 7.3%, Paladin gained 15.5% and Uranium Participation gained 11.1%. We almost had a tie for best daily performer. Tournigan gained 32.6% and Uranium Resources gained 32.4%. On the negative side Uranium 308 lost 10.9%.
The Index had a sharp advance which sort of jolted the indicators a little. Unfortunately, on the intermediate term the indicators are still some distance from any kind of turn around. The Index remains below its negative sloping moving average line and the momentum remains inside its negative zone. However, the momentum indicator has crossed above its trigger line and the sharp action has turned the trigger to the up side. It’s a start but not enough to change the rating yet. The intermediate term rating remains BEARISH.
On the short term the daily range crossed the short term moving average line but the Index could not close above the line. The moving average line remains pointing downward. The short term indicator has crossed its trigger line and the line has turned upwards. In addition, the momentum has crossed back above its oversold line for an indication that the short term may still see more upside ahead. The momentum indicator is showing some strength in that it moved above its previous short term peak of a couple of weeks ago while the Index has not yet crossed its similar peak. So, although the indicators are getting more positive it is not yet time to change the rating. That remains BEARISH for the short term. The action is still trapped inside that channel so we will wait for the channel to be breached.
As for the immediate term direction, well what can you say? That is now to the up side with the velocity of today’s action.
3 comments:
With the flood at Cigar Lake investors will take notice and come back. Volume was up today.
Also, gas and oil inventories were far below expectations. This couldn't hurt.
Ah...a small glimmer of light.
Thanks again for the Postings.
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