After The Close, 30 Sept 2008
Merv’s Daily Uranium Index
Market Data
Open: 156.21
Hugh: 165.65
Low: 149.55
Close: 157.32
Volume: 5510
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
INDEX CHANGES
Today I deleted three stocks and inserted three new ones. The deleted stocks were Uranium 308, Rockgate Capital and Fission Energy. They moved just too far away from the low market value versus other stocks. The three that were added, although still relatively small stocks (are there any other kind these days), were Wescan Goldfields Inc. (yes, they do seem to have a uranium business), Lexam Explorations and Trigon Uranium. All three have a market capital considerably higher than the three that they replaced.
In addition, during the review, I noticed that the top five stocks based upon market value had changed. This is also reflected today.
DAILY REVIEW
Well, we had a slight up day but not enough to change anything. An upside day was to be expected after a downer like yesterday but we still need more upside action to suggest that a bottom of some sort has been reached. Another day or two of upside action may provide confirmation of that short term potential positive divergence but the more aggressive Stochastic Oscillator doesn’t seem to be impressed with today’s action. Since it is dependant upon where it closed versus its daily trading range a close near its mid point does nothing for the indicator. Today’s trading range was inside yesterday’s range. This is often (but not always) a suggestion that the previous direction move wants to turn around. We should see within the next day or two if this is so.
The Merv’s Daily Uranium Index closed higher by 5.00 points or 3.28%. There were 32 winners, 16 losers and 2 unchanged. Of the five revised largest stocks by market value, Cameco gained 5.2%, Denison lost 6.0%, Paladin gained 8.3%, Uranium One lost 8.0% and USEC gained 11.8%. The best daily performer was Vena Resources with a gain of 30.8% while the worst daily performer was Trigon Uranium, one of the new ones, with a loss of 20.5%.
There is nothing much new in the indicators since I last did a decent review. All of the indicators are still negative and therefore the intermediate and short term ratings remain BEARISH.
As for the direction of least resistance, well the down side has not been totally reversed but the up side is still not that obvious. I’ll go with the lateral direction today.
Merv’s Daily Uranium Index
Market Data
Open: 156.21
Hugh: 165.65
Low: 149.55
Close: 157.32
Volume: 5510
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
INDEX CHANGES
Today I deleted three stocks and inserted three new ones. The deleted stocks were Uranium 308, Rockgate Capital and Fission Energy. They moved just too far away from the low market value versus other stocks. The three that were added, although still relatively small stocks (are there any other kind these days), were Wescan Goldfields Inc. (yes, they do seem to have a uranium business), Lexam Explorations and Trigon Uranium. All three have a market capital considerably higher than the three that they replaced.
In addition, during the review, I noticed that the top five stocks based upon market value had changed. This is also reflected today.
DAILY REVIEW
Well, we had a slight up day but not enough to change anything. An upside day was to be expected after a downer like yesterday but we still need more upside action to suggest that a bottom of some sort has been reached. Another day or two of upside action may provide confirmation of that short term potential positive divergence but the more aggressive Stochastic Oscillator doesn’t seem to be impressed with today’s action. Since it is dependant upon where it closed versus its daily trading range a close near its mid point does nothing for the indicator. Today’s trading range was inside yesterday’s range. This is often (but not always) a suggestion that the previous direction move wants to turn around. We should see within the next day or two if this is so.
The Merv’s Daily Uranium Index closed higher by 5.00 points or 3.28%. There were 32 winners, 16 losers and 2 unchanged. Of the five revised largest stocks by market value, Cameco gained 5.2%, Denison lost 6.0%, Paladin gained 8.3%, Uranium One lost 8.0% and USEC gained 11.8%. The best daily performer was Vena Resources with a gain of 30.8% while the worst daily performer was Trigon Uranium, one of the new ones, with a loss of 20.5%.
There is nothing much new in the indicators since I last did a decent review. All of the indicators are still negative and therefore the intermediate and short term ratings remain BEARISH.
As for the direction of least resistance, well the down side has not been totally reversed but the up side is still not that obvious. I’ll go with the lateral direction today.
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