After The Close, 18 Sept 2008
Merv’s Daily Uranium Index
Market Data
Open: 164.25
Hugh: 174.77
Low: 155.01
Close: 163.25
Volume: 7418
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
What a wild market. Too bad uranium is not seeing any of those good times, only the bad times. The day was somewhat mixed in that the Daily Index closed on the up side BUT the close was below its opening price so there was really no movement during the day. What to make of that action? At the present time I would say the best we can gain from it is that uranium stocks are trying to find a bottom from which to start some kind of a rally. Maybe tomorrow will give us a better idea of what’s in store.
Today, the Merv’s Daily Uranium Index was up 3.52 points or 2.21%. There were 27 winners, 19 losers and 4 going nowhere. Not that overly positive but positive anyway. As for the five largest stocks by market value, Cameco lost 4.3%, Denison lost 3.2%, First Uranium gained 2.8%, Paladin gained 2.3% and Uranium Participation gained 9.4%. The best performer on the day was Powertech Uranium with a gain of 21.3% while the worst performer was Uranium 308 with a loss of 16.7%.
The daily action has still not done anything to the intermediate term ratings. The Index is still far below its negative sloping moving average line and the momentum indicator remains in its negative zone below its negative trigger line. The volume indicator remains below its negative trigger line. The intermediate term rating remains BEARISH.
On the short term things are starting to oh so gently perk up. Not yet enough to change anything but enough to start watching for real changes carefully. The Index remains below its negative short term moving average line but it’s in the momentum where small changes are noticeable. The indicator is still in its negative zone and still inside its oversold zone. However, the indicator has perked up and crossed above its trigger line with the line turning to the up side. So, there is some positive here. However, there is not yet enough to change the short term rating. It remains BEARISH.
The very short term is also showing this slight improvement in the momentum. Although the Index is still below its negative very short term moving average line the momentum is firming up. The Stochastic Oscillator is showing a slight positive divergence versus the Index action so the strength is improving. However, the SO is still in its negative zone and still below its negative trigger line so more action is required for any rating to turn positive. However, from this one can almost view the path of least resistance to be turning to the up side. For another day, however, I’ll go with a lateral direction.
Merv’s Daily Uranium Index
Market Data
Open: 164.25
Hugh: 174.77
Low: 155.01
Close: 163.25
Volume: 7418
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
What a wild market. Too bad uranium is not seeing any of those good times, only the bad times. The day was somewhat mixed in that the Daily Index closed on the up side BUT the close was below its opening price so there was really no movement during the day. What to make of that action? At the present time I would say the best we can gain from it is that uranium stocks are trying to find a bottom from which to start some kind of a rally. Maybe tomorrow will give us a better idea of what’s in store.
Today, the Merv’s Daily Uranium Index was up 3.52 points or 2.21%. There were 27 winners, 19 losers and 4 going nowhere. Not that overly positive but positive anyway. As for the five largest stocks by market value, Cameco lost 4.3%, Denison lost 3.2%, First Uranium gained 2.8%, Paladin gained 2.3% and Uranium Participation gained 9.4%. The best performer on the day was Powertech Uranium with a gain of 21.3% while the worst performer was Uranium 308 with a loss of 16.7%.
The daily action has still not done anything to the intermediate term ratings. The Index is still far below its negative sloping moving average line and the momentum indicator remains in its negative zone below its negative trigger line. The volume indicator remains below its negative trigger line. The intermediate term rating remains BEARISH.
On the short term things are starting to oh so gently perk up. Not yet enough to change anything but enough to start watching for real changes carefully. The Index remains below its negative short term moving average line but it’s in the momentum where small changes are noticeable. The indicator is still in its negative zone and still inside its oversold zone. However, the indicator has perked up and crossed above its trigger line with the line turning to the up side. So, there is some positive here. However, there is not yet enough to change the short term rating. It remains BEARISH.
The very short term is also showing this slight improvement in the momentum. Although the Index is still below its negative very short term moving average line the momentum is firming up. The Stochastic Oscillator is showing a slight positive divergence versus the Index action so the strength is improving. However, the SO is still in its negative zone and still below its negative trigger line so more action is required for any rating to turn positive. However, from this one can almost view the path of least resistance to be turning to the up side. For another day, however, I’ll go with a lateral direction.
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