After The Close, 14 Aug 2008
Merv’s Daily Uranium Index
Market Data
Open: 222.21
Hugh: 227.68
Low: 214.39
Close: 219.87
Volume: 4486
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Well, that didn’t take long. One day and we are back on the down side. I guess there was just too much enthusiasm yesterday to last. However, one way of looking at today’s action is that it was not much on the down side and we could be seen as still being within some kind of a bounce. Tomorrow should give us a better feel as to the direction uranium stocks want to go.
The Merv’s Daily Uranium Index closed down 2.35 points or 1.06%. That is less than a fifth of yesterday’s advance so it’s not all that bad yet. There were 16 winners, 32 losers and 2 undecided. That two to one ratio of losers to winners would normally suggest more of a decline than we got. I’m not sure how to take that. As for the five largest stocks, they were mixed. Cameco recovered somewhat from yesterday’s decline and gained 1.3% today. Denison lost 5.0%, First Uranium lost 0.2%, Paladin lost 1.8% and Uranium Participation gained 1.2%. The best daily performer was Nuinsco with a gain of 11.6% while the worst daily performer was Uranium Resources with a loss of 12.6%.
There is still no change in the intermediate term charts and indicators as far as the rating is concerned. The Index remains below its negative moving average line and the momentum indicator remains in its negative zone although it is above its slightly positive trigger line. The volume indicator remains below its negative trigger line. And the intermediate term rating remains BEARISH.
On the short term things seem to be getting a little better but the indicators are not yet fully cooperating. The Index moved above its moving average line, as it did yesterday, but once more closed below the line. The moving average itself is still pointing in a downward direction. The momentum indicator had a good day yesterday but today it turned into the horizontal direction, still inside its negative zone but above its positive trigger line. It also remains above its oversold line which it breached on the up side yesterday. So, although today’s Index closed lower it did not change the basic indicators of yesterday. However, those indicators still resulted in a rating of BEARISH.
Things are better when looking at the very short term indicators to assess the immediate term direction of least resistance. Despite the down day the Index remains above its very short term moving average line. The line, however, remains pointing downward. As for the aggressive Stochastic Oscillator, it took a shart turn upwards yesterday and continued today, into its positive zone and above its positive trigger line. Despite the negative slope in the moving average the SO suggests that today might have been only a rest and the path of least resistance remains upwards.
Merv’s Daily Uranium Index
Market Data
Open: 222.21
Hugh: 227.68
Low: 214.39
Close: 219.87
Volume: 4486
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Well, that didn’t take long. One day and we are back on the down side. I guess there was just too much enthusiasm yesterday to last. However, one way of looking at today’s action is that it was not much on the down side and we could be seen as still being within some kind of a bounce. Tomorrow should give us a better feel as to the direction uranium stocks want to go.
The Merv’s Daily Uranium Index closed down 2.35 points or 1.06%. That is less than a fifth of yesterday’s advance so it’s not all that bad yet. There were 16 winners, 32 losers and 2 undecided. That two to one ratio of losers to winners would normally suggest more of a decline than we got. I’m not sure how to take that. As for the five largest stocks, they were mixed. Cameco recovered somewhat from yesterday’s decline and gained 1.3% today. Denison lost 5.0%, First Uranium lost 0.2%, Paladin lost 1.8% and Uranium Participation gained 1.2%. The best daily performer was Nuinsco with a gain of 11.6% while the worst daily performer was Uranium Resources with a loss of 12.6%.
There is still no change in the intermediate term charts and indicators as far as the rating is concerned. The Index remains below its negative moving average line and the momentum indicator remains in its negative zone although it is above its slightly positive trigger line. The volume indicator remains below its negative trigger line. And the intermediate term rating remains BEARISH.
On the short term things seem to be getting a little better but the indicators are not yet fully cooperating. The Index moved above its moving average line, as it did yesterday, but once more closed below the line. The moving average itself is still pointing in a downward direction. The momentum indicator had a good day yesterday but today it turned into the horizontal direction, still inside its negative zone but above its positive trigger line. It also remains above its oversold line which it breached on the up side yesterday. So, although today’s Index closed lower it did not change the basic indicators of yesterday. However, those indicators still resulted in a rating of BEARISH.
Things are better when looking at the very short term indicators to assess the immediate term direction of least resistance. Despite the down day the Index remains above its very short term moving average line. The line, however, remains pointing downward. As for the aggressive Stochastic Oscillator, it took a shart turn upwards yesterday and continued today, into its positive zone and above its positive trigger line. Despite the negative slope in the moving average the SO suggests that today might have been only a rest and the path of least resistance remains upwards.
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