I've had problems trying to upload the chart so there is no chart today.
After The Close, 07 Jan 2009
Merv’s Daily Uranium Index
Market Data
Open: 151.11
High: 152.48
Low: 139.82
Close: 144.82
Volume: 6658
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Well, there you have it. The expected reaction. Now to see how it acts on the down side to understand if this is only an expected short reaction or something worse. As I had mentioned yesterday, I expect the reaction not to be too serious and should result in a continuation of the upside move of the past few days. Once one is convinced that the up side will continue these rest periods or reactions are a good place to pick up stock one might have missed out on earlier. Unfortunately, the really strong stocks often do not have much of a reaction prior to continuing.
The Merv’s Daily uranium Index closed lower by 6.60 points or 4.36%. The Merv’s TOP 10 Uranium Index, mentioned yesterday, dropped almost the same amount, 4.23%. It was a slaughter on the down side today. There were only 4 winners on the day, 45 losers and one going nowhere. The top five stocks all declined. Cameco lost 1.8%, Paladin lost 6.2%, Uranium One lost 6.8%, Uranium Participation lost 1.3% and USEC lost 6.7%. The best winner out of those 4 winners was Uranium Energy with a gain of 20.7% while the worst loser out of those 45 was Bayswater Uranium with a loss of 26.5%.
The only activity of interest in the intermediate term was the momentum indicator. It had moved into its overbought zone the other day and today moved below the overbought line. This might be taken as confirmation that we might be in for more than a day or two of down side action but I would just follow the indicators. Other than that nothing has changed. The intermediate term remains BULLISH.
On the short term the same is happening as in the intermediate term. The momentum indicator has just dropped below its overbought line and has also crossed below its trigger line. The trigger is still pointing upwards but that would change after another day or so of down side action. As with the intermediate term the rating for the short term remains BULLISH.
Merv’s Daily Uranium Index
Market Data
Open: 151.11
High: 152.48
Low: 139.82
Close: 144.82
Volume: 6658
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Well, there you have it. The expected reaction. Now to see how it acts on the down side to understand if this is only an expected short reaction or something worse. As I had mentioned yesterday, I expect the reaction not to be too serious and should result in a continuation of the upside move of the past few days. Once one is convinced that the up side will continue these rest periods or reactions are a good place to pick up stock one might have missed out on earlier. Unfortunately, the really strong stocks often do not have much of a reaction prior to continuing.
The Merv’s Daily uranium Index closed lower by 6.60 points or 4.36%. The Merv’s TOP 10 Uranium Index, mentioned yesterday, dropped almost the same amount, 4.23%. It was a slaughter on the down side today. There were only 4 winners on the day, 45 losers and one going nowhere. The top five stocks all declined. Cameco lost 1.8%, Paladin lost 6.2%, Uranium One lost 6.8%, Uranium Participation lost 1.3% and USEC lost 6.7%. The best winner out of those 4 winners was Uranium Energy with a gain of 20.7% while the worst loser out of those 45 was Bayswater Uranium with a loss of 26.5%.
The only activity of interest in the intermediate term was the momentum indicator. It had moved into its overbought zone the other day and today moved below the overbought line. This might be taken as confirmation that we might be in for more than a day or two of down side action but I would just follow the indicators. Other than that nothing has changed. The intermediate term remains BULLISH.
On the short term the same is happening as in the intermediate term. The momentum indicator has just dropped below its overbought line and has also crossed below its trigger line. The trigger is still pointing upwards but that would change after another day or so of down side action. As with the intermediate term the rating for the short term remains BULLISH.
As for the immediate direction of least resistance I will go with the down side. The Index still has a little more space before it gets to the support line so the down side is the most probable.
3 comments:
As always..Thanks Merv!
Rob C.
Chicago
yeh thanks merv appreciated...
yes, very much so, thanks merv. i hope the s&p do not weaken, or fold, the rally.
Post a Comment