After The Close, 02 Feb 2009
Merv’s Daily Uranium Index
Market Data
Open: 136.03
High: 138.64
Low: 128.89
Close: 133.24
Volume: 4051
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
It was a little scary today with the uranium stocks declining but in the end it still didn’t change much. I was of the opinion that the “box” support line might get broken but that the up trending channel should hold. Well today the Index closed right on the support line ready for a downside break. However, I still think that the channel will hold as the down side moves are not that strong.
The Merv’s Daily Uranium Index closed lower by 3.82 points or 2.79%. There were 9 winners, 31 losers and 10 unchanged. Although the “breadth” of the market was definitely to the down side, with 10 unchanged it looks more like drifting with a lack of conviction rather than bearish selling. All five largest stocks were losers today. Cameco lost 3.2%, Paladin lost 0.4%, Uranium One lost 8.7%, Uranium Participation lost 2.5% and USEC lost 0.6%. The best winner on the day was Vena Inc. (another rare trader recently) with a gain of 17.7% while the worst loser was East Asia Minerals with a loss of 15.0%.
On the intermediate term the Index is getting close to the up trending moving average line but still remains slightly above the line. The momentum indicator has moved a little bit lower below its negative trigger line but is still not far below its neutral line. It remains, for now, above its up trending line. The volume indicator has dropped just a hair below its trigger line but the trigger is still pointing upwards. All in all the intermediate term rating remains + NEUTRAL.
On the short term the Index is drifting lower below its negative sloping moving average line. The momentum indicator continues to move lower below its negative trigger line. The indicator has also just crossed below its neutral line into its negative zone. As for the daily volume action, that continues below its 15 day average volume. The short term rating continues as a BEARISH rating.
As for the direction of least resistance, I still haven’t given up hope and continue with the lateral direction. Maybe tomorrow, if the Index make a significant drop. I’ll change but for now, lateral remains the direction of least resistance.
Merv’s Daily Uranium Index
Market Data
Open: 136.03
High: 138.64
Low: 128.89
Close: 133.24
Volume: 4051
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
It was a little scary today with the uranium stocks declining but in the end it still didn’t change much. I was of the opinion that the “box” support line might get broken but that the up trending channel should hold. Well today the Index closed right on the support line ready for a downside break. However, I still think that the channel will hold as the down side moves are not that strong.
The Merv’s Daily Uranium Index closed lower by 3.82 points or 2.79%. There were 9 winners, 31 losers and 10 unchanged. Although the “breadth” of the market was definitely to the down side, with 10 unchanged it looks more like drifting with a lack of conviction rather than bearish selling. All five largest stocks were losers today. Cameco lost 3.2%, Paladin lost 0.4%, Uranium One lost 8.7%, Uranium Participation lost 2.5% and USEC lost 0.6%. The best winner on the day was Vena Inc. (another rare trader recently) with a gain of 17.7% while the worst loser was East Asia Minerals with a loss of 15.0%.
On the intermediate term the Index is getting close to the up trending moving average line but still remains slightly above the line. The momentum indicator has moved a little bit lower below its negative trigger line but is still not far below its neutral line. It remains, for now, above its up trending line. The volume indicator has dropped just a hair below its trigger line but the trigger is still pointing upwards. All in all the intermediate term rating remains + NEUTRAL.
On the short term the Index is drifting lower below its negative sloping moving average line. The momentum indicator continues to move lower below its negative trigger line. The indicator has also just crossed below its neutral line into its negative zone. As for the daily volume action, that continues below its 15 day average volume. The short term rating continues as a BEARISH rating.
As for the direction of least resistance, I still haven’t given up hope and continue with the lateral direction. Maybe tomorrow, if the Index make a significant drop. I’ll change but for now, lateral remains the direction of least resistance.
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