Merv’s Daily Uranium Index
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
OUCH! I had to take a second look to be sure my computer was not giving me weekly results rather than daily. I was not surprised that the Index reached my 190 projection but I sure did not expect it to get so close to my next projection, at 160. Well, let’s get at it.
The Merv’s Daily Uranium Index closed lower by 19.24 points or 9.85%. The AVERAGE decline of an Index component stock was 10.54%. There were a few winners, 3 of them. Losers were running wild and numbered 44 for the most that I can remember since starting this commentary. Three stocks went nowhere but in this market one might call them winners. The best winner of the three was Uranium Power with a gain of 3.0% while the worst of the losers was Tournigan Energy with a loss of 36.4%, that’s in one day. Another not so nice statistic is the fact that 50% of the Index component stocks were double digit losers.
Everything is negative on the intermediate term and there is no need to go into details. The one indicator that is different from yesterday is the momentum indicator. Yesterday I mentioned that it had still not made new lows to confirm the Index move. Well, today it went into new lows. BEARISH on the intermediate term rating.
The short term remains unchanged. Index below a negative moving average line, momentum in its negative zone, below its negative trigger line and most depressing id the volume today, the most in quite some time. The last time we had volume this high was in mid May at the top of the mid May rally. BEARISH is the only rating, short term.
The immediate direction of least resistance remains downward.
This is a good time to continue relaxing with two beers instead of one, or better yet, a couple shots of cognac. Hopefully tomorrow will be a better day.