After The Close, 21 Aug 2008
Merv’s Daily Uranium Index
Market Data
Open: 210.69
Hugh: 223.44
Low: 208.15
Close: 218.69
Volume: 3600
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Well, things may be looking up. It’s still early in the game and we’ve seen this bounce before but one can always look on the bright side. The Index momentum has been showing some strengthening lately and now it looks like a move may be in the works.
The Merv’s Daily Uranium Index made a reasonable upside move with a gain of 8.56 points or 4.07%. There were three times as many winners as losers, and we haven’t seen that for a while. There were 35 stocks on the up side and 11 on the down side. Four stocks remained unchanged. Most of the five largest stocks had gains on the day but only one bettered the Index average. It looked like the more speculative stocks were the real movers. Cameco gained 4.1%, Denison gained 7.8%. First Uranium lost 0.3%, Paladin gained 2.9% and Uranium Participation gained 2.2%. The best daily mover was Khan Resources with a gain of 18.2% while the worst performer was Uranium 308 with a loss of 7.0%.
The intermediate term indicators are starting to firm up but not yet enough to change the final rating. The Index is still below the negative sloping moving average line. The momentum indicator remains in its negative zone but is moving higher and has crossed above its trigger line with the trigger turning upwards. This week’s momentum low was higher than last week’s even though the Index was lower. Today’s momentum reading is now above last week’s high while the Index is still below its high. This show of underlying strength in the Index movement is encouraging but it still needs some more strengthening for things to turn positive. For now the intermediate term rating still remains as BEARISH.
The short term is a little more along towards its ratings change. The Index has closed above its short term moving average line and although the line has leveled off it is still very slightly pointing downward. The internal strengthening can be clearly seen in the short term momentum indicator (see today’s chart). Today’s indicator level is above the level reached over the past several weeks. The indicator is well on its way towards its neutral line (although still slightly inside the negative zone) and well above its positive trigger line. Lastly, the Index has now broken above its several week channel. The only remaining resistance to a reasonable rally is the top from last week’s action. Once through 230 one may breadth a little sigh of relief. For today the short term rating has moved up to a + NEUTRAL rating, that’s only one level below a full bull.
As for the direction of least resistance, that would now be to the up side with the turning of the very short term moving average to the up side and the upside breaking of the channel.
Merv’s Daily Uranium Index
Market Data
Open: 210.69
Hugh: 223.44
Low: 208.15
Close: 218.69
Volume: 3600
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Well, things may be looking up. It’s still early in the game and we’ve seen this bounce before but one can always look on the bright side. The Index momentum has been showing some strengthening lately and now it looks like a move may be in the works.
The Merv’s Daily Uranium Index made a reasonable upside move with a gain of 8.56 points or 4.07%. There were three times as many winners as losers, and we haven’t seen that for a while. There were 35 stocks on the up side and 11 on the down side. Four stocks remained unchanged. Most of the five largest stocks had gains on the day but only one bettered the Index average. It looked like the more speculative stocks were the real movers. Cameco gained 4.1%, Denison gained 7.8%. First Uranium lost 0.3%, Paladin gained 2.9% and Uranium Participation gained 2.2%. The best daily mover was Khan Resources with a gain of 18.2% while the worst performer was Uranium 308 with a loss of 7.0%.
The intermediate term indicators are starting to firm up but not yet enough to change the final rating. The Index is still below the negative sloping moving average line. The momentum indicator remains in its negative zone but is moving higher and has crossed above its trigger line with the trigger turning upwards. This week’s momentum low was higher than last week’s even though the Index was lower. Today’s momentum reading is now above last week’s high while the Index is still below its high. This show of underlying strength in the Index movement is encouraging but it still needs some more strengthening for things to turn positive. For now the intermediate term rating still remains as BEARISH.
The short term is a little more along towards its ratings change. The Index has closed above its short term moving average line and although the line has leveled off it is still very slightly pointing downward. The internal strengthening can be clearly seen in the short term momentum indicator (see today’s chart). Today’s indicator level is above the level reached over the past several weeks. The indicator is well on its way towards its neutral line (although still slightly inside the negative zone) and well above its positive trigger line. Lastly, the Index has now broken above its several week channel. The only remaining resistance to a reasonable rally is the top from last week’s action. Once through 230 one may breadth a little sigh of relief. For today the short term rating has moved up to a + NEUTRAL rating, that’s only one level below a full bull.
As for the direction of least resistance, that would now be to the up side with the turning of the very short term moving average to the up side and the upside breaking of the channel.
1 comment:
Thank you again for the work done on this blog.
Perhaps the indicators will go further in the right direction today. We'll see. thanks again.
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