After The Close, 18 Aug 2008
Merv’s Daily Uranium Index
Market Data
Open: 211.63
Hugh: 216.31
Low: 205.20
Close: 209.04
Volume: 3156
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
The down days are still with us but not with a vengeance as they were earlier. The Index closed at a new low last Tuesday. Today it went a little lower still. Not by much but still to a new low. Despite the new low the action looks like it might get trapped inside a new tight “box” configuration. The next few days will tell us if that’s the case. I guess everyone wants to know if we are reaching a bottom or not. Well, I don’t know but I still have that projection to the 190 level from several months back that is still in play. Will it get there? It has already reached within 7%, another few days and it could get there. If it does, then what? Questions, questions but no real answers.
The Merv’s Daily Uranium Index closed lower by 1.65 points or 0.78%. There were 13 winners, 32 losers and 5 going nowhere. Of the top five stocks by market value, Cameco lost 0.2%, Denison lost 1.6%, First Uranium lost 6.5%, Paladin, the one daily gainer of the five, gained 2.3% and Uranium Participation lost 0.6%. The best performer was Vena with a 9.3% gain on a $0.04 move while Xemplar Energy was the big loser of the day with a loss of 16.7% on a $0.10 move. What use to be an $8.50 stock is now a $0.50 stock. However, it may be starting to go through a bottoming process although it still has a long way to go. But it is one to watch now that it’s a “penny” stock.
On the intermediate term nothing much has happened since I last left you all. Usually when I make a goof that stops my commentary for a day or two that’s when things happen. Not this time. The Index continues to trade below its negative sloping moving average line and the momentum indicator continues to track inside its negative zone. The momentum trigger line is once more sloping downward after two days on the up slope. A close look at the momentum might suggest a slight strengthening versus the Index action, but not really enough to place money on. The volume indicator continues its downward slide below its negative trigger line. All is still BEARISH as far as the intermediate term rating is concerned.
For the past few days the only positive indicator was the short term momentum trigger line. The momentum itself was always in its negative zone but it was moving upward and crossed its trigger line a few days back. It is still above its positive sloping trigger line but has moved once more into the oversold zone. As for the Index and its moving average, well, the Index remains below its negative sloping moving average line. The short term is still BEARISH.
So, where is the Index going? The path of least resistance looks to be sideways for now. Another day might give us a better idea if it’s something else.
Merv’s Daily Uranium Index
Market Data
Open: 211.63
Hugh: 216.31
Low: 205.20
Close: 209.04
Volume: 3156
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
The down days are still with us but not with a vengeance as they were earlier. The Index closed at a new low last Tuesday. Today it went a little lower still. Not by much but still to a new low. Despite the new low the action looks like it might get trapped inside a new tight “box” configuration. The next few days will tell us if that’s the case. I guess everyone wants to know if we are reaching a bottom or not. Well, I don’t know but I still have that projection to the 190 level from several months back that is still in play. Will it get there? It has already reached within 7%, another few days and it could get there. If it does, then what? Questions, questions but no real answers.
The Merv’s Daily Uranium Index closed lower by 1.65 points or 0.78%. There were 13 winners, 32 losers and 5 going nowhere. Of the top five stocks by market value, Cameco lost 0.2%, Denison lost 1.6%, First Uranium lost 6.5%, Paladin, the one daily gainer of the five, gained 2.3% and Uranium Participation lost 0.6%. The best performer was Vena with a 9.3% gain on a $0.04 move while Xemplar Energy was the big loser of the day with a loss of 16.7% on a $0.10 move. What use to be an $8.50 stock is now a $0.50 stock. However, it may be starting to go through a bottoming process although it still has a long way to go. But it is one to watch now that it’s a “penny” stock.
On the intermediate term nothing much has happened since I last left you all. Usually when I make a goof that stops my commentary for a day or two that’s when things happen. Not this time. The Index continues to trade below its negative sloping moving average line and the momentum indicator continues to track inside its negative zone. The momentum trigger line is once more sloping downward after two days on the up slope. A close look at the momentum might suggest a slight strengthening versus the Index action, but not really enough to place money on. The volume indicator continues its downward slide below its negative trigger line. All is still BEARISH as far as the intermediate term rating is concerned.
For the past few days the only positive indicator was the short term momentum trigger line. The momentum itself was always in its negative zone but it was moving upward and crossed its trigger line a few days back. It is still above its positive sloping trigger line but has moved once more into the oversold zone. As for the Index and its moving average, well, the Index remains below its negative sloping moving average line. The short term is still BEARISH.
So, where is the Index going? The path of least resistance looks to be sideways for now. Another day might give us a better idea if it’s something else.
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