After The Close, 26 Jan 2009
Merv’s Daily Uranium Index
Market Data
Open: 138.55
High: 143.03
Low: 134.07
Close: 138.30
Volume: 5486
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Another dull day at the markets, uranium that is. The Merv’s Daily Uranium Index closed lower by 0.28 points or 0.20%. Nothing to speak off. The win/loss statistics were a little better with 27 winners, 16 losers and 7 going nowhere. As for the five largest companies, they were mostly lower. Cameco lost 1.6%, Paladin lost 4.7%, Uranium One lost 4.6%, Uranium Participation lost 0.8% and USEC gained 0.8%. The best winner on the day was Alberta Star with a gain of 20.9% while the loser was Western Prospector with a loss of 17.5%.
Technicians are always looking for trend lines on the charts. We like trend lines. Usually, by time we have enough trading history to draw reasonable trend lines the action quickly gets away from us but we keep at it. Today I have a couple more trend lines. These are actually parallel up trending channel lines. From this channel the action could go either way and still stay inside the channel. The recent action is basically in the middle of the channel. Let’s give it a few more days to see how it goes. In the mean time there is still that pennant (triangle) pattern. The Index has only one more day to get the heck out of the pennant or else the pennant becomes obsolete.
The action today kept the Index at a standstill. Nothing has changed from the week-end analysis so instead of wasting time I would just reference the week-end analysis and rate the intermediate term as + NEUTRAL and the short term as BEARISH.
The direction of least resistance continues to be to the lateral direction although that should end soon, one way or the other.
Merv’s Daily Uranium Index
Market Data
Open: 138.55
High: 143.03
Low: 134.07
Close: 138.30
Volume: 5486
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Another dull day at the markets, uranium that is. The Merv’s Daily Uranium Index closed lower by 0.28 points or 0.20%. Nothing to speak off. The win/loss statistics were a little better with 27 winners, 16 losers and 7 going nowhere. As for the five largest companies, they were mostly lower. Cameco lost 1.6%, Paladin lost 4.7%, Uranium One lost 4.6%, Uranium Participation lost 0.8% and USEC gained 0.8%. The best winner on the day was Alberta Star with a gain of 20.9% while the loser was Western Prospector with a loss of 17.5%.
Technicians are always looking for trend lines on the charts. We like trend lines. Usually, by time we have enough trading history to draw reasonable trend lines the action quickly gets away from us but we keep at it. Today I have a couple more trend lines. These are actually parallel up trending channel lines. From this channel the action could go either way and still stay inside the channel. The recent action is basically in the middle of the channel. Let’s give it a few more days to see how it goes. In the mean time there is still that pennant (triangle) pattern. The Index has only one more day to get the heck out of the pennant or else the pennant becomes obsolete.
The action today kept the Index at a standstill. Nothing has changed from the week-end analysis so instead of wasting time I would just reference the week-end analysis and rate the intermediate term as + NEUTRAL and the short term as BEARISH.
The direction of least resistance continues to be to the lateral direction although that should end soon, one way or the other.
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