After The Close, 27 Aug 2008
Merv’s Daily Uranium Index
Market Data
Open: 215.25
High: 223.18
Low: 212.20
Close: 219.59
Volume: 4179
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Things are again starting to look interesting. The Merv’s Daily Uranium Index was up a reasonable 5.56 points or 2.60%. Added to the recent minor advances and you have the start of a reversal of trend. Some indicators still need to improve but it looks like uranium stocks are on the move. We seen the short term chart yesterday starting to turn and now it looks like more to come. There were 30 stocks on the up side and 13 on the down side. 7 stocks were unchanged. Of the five largest stocks Cameco gained 3.5%, Denison gained 4.9%, First Uranium lost 2.3%, Paladin gained 1.0% and Uranium Participation lost 0.4%. The best performer was Fission Energy with a daily gain of 20.7% while the worst performer was Rockgate Capital with a loss of 15.0%.
The intermediate term is still crummy as far as the indicators are concerned BUT they are starting to turn into the right direction. The Index remains below its negative moving average line and the momentum indicator remains inside its negative zone. Where we see improvement is in the direction that the momentum has been turning into lately. The direction is towards the neutral line and remains, as it has for days, above its positive trigger lines. The rating remains BEARISH for now but things are going in the right direction.
As far as the short term is concerned, well the Index is above its moving average line and the line has just turned upwards. The momentum indicator is moving upwards, above its trigger line, but still just slightly below its neutral line. Short term the rating has now turned to the BULLISH side. We just need the Index to close above recent highs, at the 224 mark to have things look even better.
The direction of least resistance is now to the up side.
Merv’s Daily Uranium Index
Market Data
Open: 215.25
High: 223.18
Low: 212.20
Close: 219.59
Volume: 4179
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Things are again starting to look interesting. The Merv’s Daily Uranium Index was up a reasonable 5.56 points or 2.60%. Added to the recent minor advances and you have the start of a reversal of trend. Some indicators still need to improve but it looks like uranium stocks are on the move. We seen the short term chart yesterday starting to turn and now it looks like more to come. There were 30 stocks on the up side and 13 on the down side. 7 stocks were unchanged. Of the five largest stocks Cameco gained 3.5%, Denison gained 4.9%, First Uranium lost 2.3%, Paladin gained 1.0% and Uranium Participation lost 0.4%. The best performer was Fission Energy with a daily gain of 20.7% while the worst performer was Rockgate Capital with a loss of 15.0%.
The intermediate term is still crummy as far as the indicators are concerned BUT they are starting to turn into the right direction. The Index remains below its negative moving average line and the momentum indicator remains inside its negative zone. Where we see improvement is in the direction that the momentum has been turning into lately. The direction is towards the neutral line and remains, as it has for days, above its positive trigger lines. The rating remains BEARISH for now but things are going in the right direction.
As far as the short term is concerned, well the Index is above its moving average line and the line has just turned upwards. The momentum indicator is moving upwards, above its trigger line, but still just slightly below its neutral line. Short term the rating has now turned to the BULLISH side. We just need the Index to close above recent highs, at the 224 mark to have things look even better.
The direction of least resistance is now to the up side.
4 comments:
Thanks Merv!
Rob C. (Chicago)
Does this mean it time to start accumulating?
Accumulation suyggests a term that Investment Advisors and Portfolio Managers use when they are not sure what to do. Accumulation suggests an intermediate or long term investment strategy. A technician would not be advising any purchases for the intermediate or long term based upon short term ratings (there are exceptions).
Whatever one does, one definately would not want to keep holding should an error of judgement have been made. We have too many "investors" holding stocks that have declined 50% or more, try not to be one of them.
Thank You for your reply.
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