After The Close, 28 Oct 2008
Merv’s Daily Uranium Index
Market Data
Open: 99.77
Hugh: 105.70
Low: 93.10
Close: 103.11
Volume: 5773
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
An up day but like yesterday’s down day it signified nothing much except more of that lateral movement. However, we have been in the box long enough to assume that the Index is making a base from which to get a good rally going. That’s just an assumption at this time but it is making a solid support. Another day like today and it just might start to change some of the shorter term ratings.
The Merv’s Daily Uranium Index closed on the up side by 7.93 points or 8.33%. There were 29 winners, 14 losers and 7 going nowhere. Of the five largest stocks Cameco gained 11.7%, Denison gained 2.3%, Paladin gained 18.3%, Uranium One went noplace and USEC gained 8.8%. The best gainer on the day was Globex Mining with a gain of 70.3% while Xemplar was no slouch either with a gain of 50%. The worst performer on the day was CanAlaska Ventures with a loss 0f 18.8%.
As mentioned above, nothing has changed with today’s action. We’ll just have to wait another day before something may change. So, without prolonging the analysis both the intermediate and long term ratings remain BEARISH.
As for the direction of least resistance, well I remain with the lateral direction for at least another day. It might change to the up side before breaking through the box but let’s see what tomorrow brings.
Merv’s Daily Uranium Index
Market Data
Open: 99.77
Hugh: 105.70
Low: 93.10
Close: 103.11
Volume: 5773
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
An up day but like yesterday’s down day it signified nothing much except more of that lateral movement. However, we have been in the box long enough to assume that the Index is making a base from which to get a good rally going. That’s just an assumption at this time but it is making a solid support. Another day like today and it just might start to change some of the shorter term ratings.
The Merv’s Daily Uranium Index closed on the up side by 7.93 points or 8.33%. There were 29 winners, 14 losers and 7 going nowhere. Of the five largest stocks Cameco gained 11.7%, Denison gained 2.3%, Paladin gained 18.3%, Uranium One went noplace and USEC gained 8.8%. The best gainer on the day was Globex Mining with a gain of 70.3% while Xemplar was no slouch either with a gain of 50%. The worst performer on the day was CanAlaska Ventures with a loss 0f 18.8%.
As mentioned above, nothing has changed with today’s action. We’ll just have to wait another day before something may change. So, without prolonging the analysis both the intermediate and long term ratings remain BEARISH.
As for the direction of least resistance, well I remain with the lateral direction for at least another day. It might change to the up side before breaking through the box but let’s see what tomorrow brings.
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