After The Close, 03 Dec 2008
Merv’s Daily Uranium Index
Market Data
Open: 105.77
High: 111.84
Low: 103.41
Close: 108.28
Volume: 4261
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
It looks like we will continue being stuck in this box for a while yet so I guess we should just as well put our minds to it. Today was a little up tick in the Index, nothing to get excited about. I though I may as well show the P&F chart of the Index as the normal chart was getting a little repetitive and boring. The box can be seen very plainly in this chart. The P&F break-out levels would be 140 on the up side and 90 on the down side. At this time an upside projection on the break would be to the 300 level while on the down side it would be below zero. On the down side the existing projection to 50 would still be the target. The biggest problem with this P&F chart, at this time, is the fact that the primary down trend line is so far away. For P&F reversals I require two things to happen, the move to exceed two previous highs AND to move above the primary down trend line. Twice in the past (as far back as this chart goes) we have exceeded two previous highs BUT in each case we were unable to exceed the move above the down trend line and this kept us in the right side of the move as far as P&F analysis was concerned. At the present time we would need to move to somewhere around the 170 or 180 level to break above the line. This would be far after all our normal indicators would have given us a reversal signal. But why talk about a reversal of any kind, we’re nowhere there yet.
The Merv’s Daily Uranium Index closed higher by 0.90 points or 0.84%. Still nothing to get excited about. There were 18 winners, 23 losers and 9 going nowhere. Of the five largest stocks, Cameco lost 0.5%, Denison lost 5.1%, Paladin was one of those going nowhere, Uranium One lost 2.7% and USEC gained 3.8%. The best winner of the day was Globex Mining with a gain of 17.3% while the loser on the day was Wescan Goldfields with a loss of 11.8%.
Today’s Index action made no changes to the indicators or final ratings. The intermediate term and short term ratings remain BEARISH while the direction of least resistance still seems to be to the down side but with little enthusiasm and it could go either way.
Merv’s Daily Uranium Index
Market Data
Open: 105.77
High: 111.84
Low: 103.41
Close: 108.28
Volume: 4261
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
It looks like we will continue being stuck in this box for a while yet so I guess we should just as well put our minds to it. Today was a little up tick in the Index, nothing to get excited about. I though I may as well show the P&F chart of the Index as the normal chart was getting a little repetitive and boring. The box can be seen very plainly in this chart. The P&F break-out levels would be 140 on the up side and 90 on the down side. At this time an upside projection on the break would be to the 300 level while on the down side it would be below zero. On the down side the existing projection to 50 would still be the target. The biggest problem with this P&F chart, at this time, is the fact that the primary down trend line is so far away. For P&F reversals I require two things to happen, the move to exceed two previous highs AND to move above the primary down trend line. Twice in the past (as far back as this chart goes) we have exceeded two previous highs BUT in each case we were unable to exceed the move above the down trend line and this kept us in the right side of the move as far as P&F analysis was concerned. At the present time we would need to move to somewhere around the 170 or 180 level to break above the line. This would be far after all our normal indicators would have given us a reversal signal. But why talk about a reversal of any kind, we’re nowhere there yet.
The Merv’s Daily Uranium Index closed higher by 0.90 points or 0.84%. Still nothing to get excited about. There were 18 winners, 23 losers and 9 going nowhere. Of the five largest stocks, Cameco lost 0.5%, Denison lost 5.1%, Paladin was one of those going nowhere, Uranium One lost 2.7% and USEC gained 3.8%. The best winner of the day was Globex Mining with a gain of 17.3% while the loser on the day was Wescan Goldfields with a loss of 11.8%.
Today’s Index action made no changes to the indicators or final ratings. The intermediate term and short term ratings remain BEARISH while the direction of least resistance still seems to be to the down side but with little enthusiasm and it could go either way.
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