After The Close, 09 Oct 2008
Merv’s Daily Uranium Index
Market Data
Open: 116.93
Hugh: 122.02
Low: 104.15
Close: 108.23
Volume: 6623
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Still closing on the down side but again, the % decline is getting smaller and smaller. Let’s keep our fingers crossed. It is looking more and more like a rally about to happen. It may take another day or two to confirm. In the mean time let’s do the regular thing.
The Merv’s Daily Uranium Index closed lower by 1.69 points or 1.54%. There were 22 winners, 23 losers and 5 on the sidelines. As for the five largest stocks, Cameco gained 1.2%, Denison lost 7.5%, Paladin lost 5.3%, Uranium One lost 11.1% and USEC lost 5.0%. The best winner on the day was JNR Resources with a gain of 37.8% while the worst loser was Azimut Exploration with a loss of 22.7%.
On the intermediate term the Index remains below its negative sloping moving average line while the momentum indicator continues in its negative zone below its negative trigger line. It has also just slid oh so slightly below its oversold line into the oversold zone. The volume indicator continues to move lower below its negative trigger line. The only rating available for the intermediate term remains the BEARISH rating.
On the short term things remain the same. The Index continues to trade below its negative short term moving average line with confirmation of the negative trend from the very short term moving average which remains below the short term line. The momentum indicator remains in its oversold zone, in the negative zone, and below its negative trigger line. The indicator seems to be leveling off and just may be getting ready for a move up back above its oversold line. For now everything is still telling me that the rating remains BEARISH.
As for the immediate direction of least resistance, that appears to be wanting to turn to the up side. With the Index still below its very short term moving average line and the Stochastic Oscillator still in its oversold zone I must still go with yesterday’s assessment that the direction remains downward but with some indications that it is in very early stages of a possible reversal.
Merv’s Daily Uranium Index
Market Data
Open: 116.93
Hugh: 122.02
Low: 104.15
Close: 108.23
Volume: 6623
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Still closing on the down side but again, the % decline is getting smaller and smaller. Let’s keep our fingers crossed. It is looking more and more like a rally about to happen. It may take another day or two to confirm. In the mean time let’s do the regular thing.
The Merv’s Daily Uranium Index closed lower by 1.69 points or 1.54%. There were 22 winners, 23 losers and 5 on the sidelines. As for the five largest stocks, Cameco gained 1.2%, Denison lost 7.5%, Paladin lost 5.3%, Uranium One lost 11.1% and USEC lost 5.0%. The best winner on the day was JNR Resources with a gain of 37.8% while the worst loser was Azimut Exploration with a loss of 22.7%.
On the intermediate term the Index remains below its negative sloping moving average line while the momentum indicator continues in its negative zone below its negative trigger line. It has also just slid oh so slightly below its oversold line into the oversold zone. The volume indicator continues to move lower below its negative trigger line. The only rating available for the intermediate term remains the BEARISH rating.
On the short term things remain the same. The Index continues to trade below its negative short term moving average line with confirmation of the negative trend from the very short term moving average which remains below the short term line. The momentum indicator remains in its oversold zone, in the negative zone, and below its negative trigger line. The indicator seems to be leveling off and just may be getting ready for a move up back above its oversold line. For now everything is still telling me that the rating remains BEARISH.
As for the immediate direction of least resistance, that appears to be wanting to turn to the up side. With the Index still below its very short term moving average line and the Stochastic Oscillator still in its oversold zone I must still go with yesterday’s assessment that the direction remains downward but with some indications that it is in very early stages of a possible reversal.
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