After The Close, 15 Sept 2008
Merv’s Daily Uranium Index
Market Data
Open: 166.11
Hugh: 174.17
Low: 159.06
Close: 168.16
Volume: 6919
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Ho Hum, another day and another bummer. This just can’t go on for much longer. The Daily Index made another new low today but closed above its opening price so it might just be wanting to turn around. But I’ve been saying that (or something like that) for some time now and the Index just keeps making new lows. Follow the indicators, not what you might want to see.
Yesterday there was a minor error in the daily Index data. This has been corrected to show a daily decline yesterday of 6.03% rather than the indicated 4.43%. Today the Merv’s Daily Uranium Index closed down another 2.87 points or 1.68%. The most important part of the daily action is that the daily low has now reached that 160 level which had been projected by the P&F chart. I’ll have to see if I can spot any new down side projection now that all the previous ones have been met. I do remember calculating projections to the 30 to 40 level but let’s not go there. Those do look like projections that will not pan out, but who knows.
There were 15 winners today and 30 losers with 5 going nowhere. Of the five largest stocks by market value Cameco lost 0.7%, Denison lost 1.8%, First Uranium lost 1.4%, Paladin lost 3.9% and Uranium Participation lost 2.1%. The best performer on the day was Larimide with a gain of 21.7% while the worst performer was JNR Resources with a loss of 19.0%.
Still nothing has changed on the intermediate term so I wouldn’t belabor the point. The rating remains as BEARISH.
On the short term nothing has changed here either. The Index remains below its negative moving average line and the momentum remains in its negative zone below its negative trigger line. The volume indicator continues to plunge into new lows. All is negative so the rating remains BEARISH.
As for the immediate direction of least resistance, that continues to be a mixed bag with the Index moving lower and the Stochastic Oscillator continuing to move higher. With that see-saw I will go with the lateral direction until the two are in sync.
Merv’s Daily Uranium Index
Market Data
Open: 166.11
Hugh: 174.17
Low: 159.06
Close: 168.16
Volume: 6919
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Ho Hum, another day and another bummer. This just can’t go on for much longer. The Daily Index made another new low today but closed above its opening price so it might just be wanting to turn around. But I’ve been saying that (or something like that) for some time now and the Index just keeps making new lows. Follow the indicators, not what you might want to see.
Yesterday there was a minor error in the daily Index data. This has been corrected to show a daily decline yesterday of 6.03% rather than the indicated 4.43%. Today the Merv’s Daily Uranium Index closed down another 2.87 points or 1.68%. The most important part of the daily action is that the daily low has now reached that 160 level which had been projected by the P&F chart. I’ll have to see if I can spot any new down side projection now that all the previous ones have been met. I do remember calculating projections to the 30 to 40 level but let’s not go there. Those do look like projections that will not pan out, but who knows.
There were 15 winners today and 30 losers with 5 going nowhere. Of the five largest stocks by market value Cameco lost 0.7%, Denison lost 1.8%, First Uranium lost 1.4%, Paladin lost 3.9% and Uranium Participation lost 2.1%. The best performer on the day was Larimide with a gain of 21.7% while the worst performer was JNR Resources with a loss of 19.0%.
Still nothing has changed on the intermediate term so I wouldn’t belabor the point. The rating remains as BEARISH.
On the short term nothing has changed here either. The Index remains below its negative moving average line and the momentum remains in its negative zone below its negative trigger line. The volume indicator continues to plunge into new lows. All is negative so the rating remains BEARISH.
As for the immediate direction of least resistance, that continues to be a mixed bag with the Index moving lower and the Stochastic Oscillator continuing to move higher. With that see-saw I will go with the lateral direction until the two are in sync.
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