After The Close, 19 Aug 2008
Merv’s Daily Uranium Index
Market Data
Open: 207.67
Hugh: 211.84
Low: 201.32
Close: 206.12
Volume: 3220
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
This is a recording. It’s another bummer for the uranium stocks but again not a very big bummer. We’ll only get killed a little at a time. For over a month and a half now the Index has been trading below its short term moving average line and inside what is now a well defined downward sloping channel. It’s just logical that as long as it remains in that situation the Index is not in any recovery or turn around mode.
The Merv’s Daily Uranium Index closed lower on the day by 2.92 points or 1.40%. There were 16 winners, 29 losers and 5 stocks going nowhere. Of the five largest stocks, Cameco lost 3.4%, Denison gained 2.2%, First Uranium lost 0.4%, Paladin lost 0.2% and Uranium Participation lost 1.9%. The best daily performer was Energy Fuels with a gain of 18.9% while the worst performer was Azimut Exploration with a loss of 16.8%.
As long as the Index continues to move lower the intermediate term indicators will remain negative. The Index continues to move below its negative sloping moving average line and the momentum indicator continues to track inside its negative zone. The momentum continues below its negative trigger line but unlike the Index, is not making new lows. It remains above its recent lows from last week’s action. The volume indicator continues to move lower, below its negative trigger but, as with the momentum, it is still above recent lows. Despite some small (at this time) showing of strength from momentum and volume the intermediate term rating remains BEARISH.
On the short term things are no better. The action being trapped inside its channel has previously been mentioned. It can be seen clearly on today’s chart. The chart also clearly shows the Index continuing below its short term moving average line (solid red) with the line continuing negative. The short term momentum had moved back into its oversold zone and now is once more below its trigger line. The trigger has also just turned back to the down side. Nothing here to get all excited yet. The short term rating remains BEARISH.
As for the immediate term direction of least resistance, that remains to the down side with the Index below its very short term negative moving average line and the aggressive Stochastic Oscillator (SO) moving lower inside its negative zone.
It continues to be a relax, watch TV and drink beer time.
Merv’s Daily Uranium Index
Market Data
Open: 207.67
Hugh: 211.84
Low: 201.32
Close: 206.12
Volume: 3220
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
This is a recording. It’s another bummer for the uranium stocks but again not a very big bummer. We’ll only get killed a little at a time. For over a month and a half now the Index has been trading below its short term moving average line and inside what is now a well defined downward sloping channel. It’s just logical that as long as it remains in that situation the Index is not in any recovery or turn around mode.
The Merv’s Daily Uranium Index closed lower on the day by 2.92 points or 1.40%. There were 16 winners, 29 losers and 5 stocks going nowhere. Of the five largest stocks, Cameco lost 3.4%, Denison gained 2.2%, First Uranium lost 0.4%, Paladin lost 0.2% and Uranium Participation lost 1.9%. The best daily performer was Energy Fuels with a gain of 18.9% while the worst performer was Azimut Exploration with a loss of 16.8%.
As long as the Index continues to move lower the intermediate term indicators will remain negative. The Index continues to move below its negative sloping moving average line and the momentum indicator continues to track inside its negative zone. The momentum continues below its negative trigger line but unlike the Index, is not making new lows. It remains above its recent lows from last week’s action. The volume indicator continues to move lower, below its negative trigger but, as with the momentum, it is still above recent lows. Despite some small (at this time) showing of strength from momentum and volume the intermediate term rating remains BEARISH.
On the short term things are no better. The action being trapped inside its channel has previously been mentioned. It can be seen clearly on today’s chart. The chart also clearly shows the Index continuing below its short term moving average line (solid red) with the line continuing negative. The short term momentum had moved back into its oversold zone and now is once more below its trigger line. The trigger has also just turned back to the down side. Nothing here to get all excited yet. The short term rating remains BEARISH.
As for the immediate term direction of least resistance, that remains to the down side with the Index below its very short term negative moving average line and the aggressive Stochastic Oscillator (SO) moving lower inside its negative zone.
It continues to be a relax, watch TV and drink beer time.
2 comments:
Just want to say thank you for your consistent coverage of these uraniums. It must seem like you are just writing these for yourself, but there are people like myself who read them everyday, patiently waiting for uraniums to turn, but I do question it with the commodities now turning down. If oil declines what is the incentive for nuclear. Maybe it will just happen out of the blue.
There are always lots of reasons for uranium, or any commodity, to go either way depending upon the fundamentals one concentrates upon. That's why I like to see what uranium stocks ARE doing and not what anyone says they SHOULD be doing.
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