After The Close, 29 Sept 2008
Merv’s Daily Uranium Index
Market Data
Open: 169.07
Hugh: 170.42
Low: 146.49
Close: 152.32
Volume: 5083
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
This is getting ridiculous. Another new bear market low. The chart today shows the daily uranium stock action for the year 2008 to date. It would look a hell of a lot better if I only turned it upside down. Once again the intermediate term momentum is trailing the Index for a possible positive divergence BUT even if we do get one it would only be a mild one. It’s best to just keep following the Index action and not worry about what may or may not come ahead.
As many uranium stock watchers may have noticed, Uranium 308 Corp. has been in a nose dive for some time now. It hit the single digit penny price level today. Ah! the pleasures and excitement of dealing in a foreign country, Mongolia in this case. As the market value has dropped significantly in recent weeks Uranium 308 will be deleted from the Index after this evening. I’m not sure what will be added to the Index, or if I will end up adjusting the Index additionally until tomorrow.
The Merv’s Daily Uranium Index took a hefty tumble, with the rest of the general market. It declined 18.78 points or 10.98%. Not a single winner could be seen today. I think that’s a first since I started this daily Index over a year ago. There were 49 losers and one stock which went no place. It might be classified as a winner today. As for the top five stocks in market value, Cameco lost 8.5%, Denison lost 6.2%, First Uranium lost 9.8%, Paladin lost 11.6% and Uranium Participation lost 11.9%. The best winner was that stock going nowhere, Western Prospector with a gain of 0.0%. The worst loser was Uranium 308 with a loss of 45.5%. As it will be deleted today the next largest loser was Aurora Energy with a loss of 28.6%.
All indicators for all time periods are negative today so I’ll just cut to the chase and declare the ratings for all time periods as BEARISH with the direction of least resistance continuing to be the down side.
I guess I could write a couple of more paragraphs about the market but to no benefit with today’s action. The Index closed near its low so that the late day action was no encouragement about a possible rebound while the daily volume perked up but was still relatively low compared to earlier high volume days. We’ll just have to wait it out and see what happens next. All followers of this blog should be out of the market long ago and sitting pretty waiting for a CONFIRMED reversal of trend, which is still sometime ahead. Time for another beer.
Merv’s Daily Uranium Index
Market Data
Open: 169.07
Hugh: 170.42
Low: 146.49
Close: 152.32
Volume: 5083
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
This is getting ridiculous. Another new bear market low. The chart today shows the daily uranium stock action for the year 2008 to date. It would look a hell of a lot better if I only turned it upside down. Once again the intermediate term momentum is trailing the Index for a possible positive divergence BUT even if we do get one it would only be a mild one. It’s best to just keep following the Index action and not worry about what may or may not come ahead.
As many uranium stock watchers may have noticed, Uranium 308 Corp. has been in a nose dive for some time now. It hit the single digit penny price level today. Ah! the pleasures and excitement of dealing in a foreign country, Mongolia in this case. As the market value has dropped significantly in recent weeks Uranium 308 will be deleted from the Index after this evening. I’m not sure what will be added to the Index, or if I will end up adjusting the Index additionally until tomorrow.
The Merv’s Daily Uranium Index took a hefty tumble, with the rest of the general market. It declined 18.78 points or 10.98%. Not a single winner could be seen today. I think that’s a first since I started this daily Index over a year ago. There were 49 losers and one stock which went no place. It might be classified as a winner today. As for the top five stocks in market value, Cameco lost 8.5%, Denison lost 6.2%, First Uranium lost 9.8%, Paladin lost 11.6% and Uranium Participation lost 11.9%. The best winner was that stock going nowhere, Western Prospector with a gain of 0.0%. The worst loser was Uranium 308 with a loss of 45.5%. As it will be deleted today the next largest loser was Aurora Energy with a loss of 28.6%.
All indicators for all time periods are negative today so I’ll just cut to the chase and declare the ratings for all time periods as BEARISH with the direction of least resistance continuing to be the down side.
I guess I could write a couple of more paragraphs about the market but to no benefit with today’s action. The Index closed near its low so that the late day action was no encouragement about a possible rebound while the daily volume perked up but was still relatively low compared to earlier high volume days. We’ll just have to wait it out and see what happens next. All followers of this blog should be out of the market long ago and sitting pretty waiting for a CONFIRMED reversal of trend, which is still sometime ahead. Time for another beer.
2 comments:
Hi Merv, thats for all your daily commentary. Ive riddin this Uranium baby from Nov 05 all the way up and now all the way down. Yes i know im an idiot. My questions are
-How much lower can it possibly go.
Would you start getting in now or wait till there is an actual change in the trend.
If the trend changes, which companies do you like?
George,
I assume that you are not, or had not been, technically oriented. Although highly unlikely, any stock can go to zero, it's happened many times before. My P&F projections go all the way to the 30 level on the Daily Index. That's very unlikely also. I would keep track of stocks if I was interested but I would not do anything until at least the intermediate term has verified a trend reversal. As to which companies, well the way things change an analyst would be silly to try and say today what stock may be a good buy sometime in the future. I would wait until then and see what is good at that time.
You might follow the weekly table and study the tutorial mentioned on the left side of the front page. That should be a big help when the time comes.
Once the trend changes I would probably be analysing individual stocks that look good, but not yet.
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