After The Close, 10 Sept 2008
Merv’s Daily Uranium Index
Market Data
Open: 175.83
Hugh: 184.33
Low: 166.58
Close: 177.23
Volume: 6696
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another not so great day in the uranium market. Although the Daily Index closed slightly higher on the day this was due to the largest valued stocks moving higher. On the whole, the average price of an Index component stock still lost 2.38% on the day. It does look like a bottom has been reached, at least for a little while but let’s not get too ahead of our selves and wait for the actual turn to take hold. It could just continue lower.
The Merv’s Daily Uranium Index closed higher on the day by 1.10 points or 0.63%. However, the winners and losers was quite lopsided on the losers side. There were 17 winners and 32 losers with 1 remaining on the side lines. As for the largest stocks, Cameco gained 4.4%, Denison gained 6.9%, First Uranium lost 3.2%, Paladin gained 2.4% and Uranium Participation lost 1.8%. The best performer on the day was Continental Precious Minerals with a gain of 18.0%, the only double digit gainer. The worst performer on the day was Azimut Exploration with a loss of 18.2%, one of 7 double digit losers.
From the intermediate term point of view nothing has occurred to the indicators to give us any reason to be changing the rating. It remains BEARISH.
On the short term nothing here has changed either. The Index remains below its negative moving average and the momentum indicator remains in its negative zone, below its negative trigger line. It also remains inside its oversold zone. Until it returns above its oversold line a bounce is highly unlikely. BEARISH for the short term
As for the immediate direction of least resistance, that remains downwards although the Stochastic Oscillator is showing signs of turning upwards and could cross its trigger line tomorrow.
Merv’s Daily Uranium Index
Market Data
Open: 175.83
Hugh: 184.33
Low: 166.58
Close: 177.23
Volume: 6696
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another not so great day in the uranium market. Although the Daily Index closed slightly higher on the day this was due to the largest valued stocks moving higher. On the whole, the average price of an Index component stock still lost 2.38% on the day. It does look like a bottom has been reached, at least for a little while but let’s not get too ahead of our selves and wait for the actual turn to take hold. It could just continue lower.
The Merv’s Daily Uranium Index closed higher on the day by 1.10 points or 0.63%. However, the winners and losers was quite lopsided on the losers side. There were 17 winners and 32 losers with 1 remaining on the side lines. As for the largest stocks, Cameco gained 4.4%, Denison gained 6.9%, First Uranium lost 3.2%, Paladin gained 2.4% and Uranium Participation lost 1.8%. The best performer on the day was Continental Precious Minerals with a gain of 18.0%, the only double digit gainer. The worst performer on the day was Azimut Exploration with a loss of 18.2%, one of 7 double digit losers.
From the intermediate term point of view nothing has occurred to the indicators to give us any reason to be changing the rating. It remains BEARISH.
On the short term nothing here has changed either. The Index remains below its negative moving average and the momentum indicator remains in its negative zone, below its negative trigger line. It also remains inside its oversold zone. Until it returns above its oversold line a bounce is highly unlikely. BEARISH for the short term
As for the immediate direction of least resistance, that remains downwards although the Stochastic Oscillator is showing signs of turning upwards and could cross its trigger line tomorrow.
2 comments:
Hi Merv.. Really appreciate your work on uranium. I think this has a lot of potential going forward as nuclear power is on both presidents agendas. But the 64 million dollar question is where is the bottom.
Thanks, -Ross
I'm quite confident that we will be able to pick the bottom, after the fact. Before the fact is just too difficult.
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