After The Close, 10 Feb 2009
Merv’s Daily Uranium Index
Market Data
Open: 143.53
High: 147.95
Low: 138.37
Close: 139.77
Volume: 9403
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, I guess that a down day was to be expected. The day did start on the up side but with THE ONE’S stimulus package being passed late in the morning the markets, including uranium stocks, took a dive. Follow the market’s assessment of the stimulus, not the politician’s. Anyway, the turn around was not really all that big in uranium stocks and the Daily Index remains well inside its new short term “box” and even still in the upper reaches of the box.
The Merv’s Daily Uranium Index closed lower by 2.74 points or 1.92%. There were 13 winners, 31 losers and 6 going nowhere. As for the five largest stocks, Cameco lost 0.6%, Paladin went nowhere, Uranium One gained 4.0%, Uranium Participation lost 4.4% and USEC lost 0.2%. The best winner was Globex Mining with a gain of 14.9% while the worst loser was Western Uranium with a loss of 12.5%.
Although the day closed slightly on the down side none of the intermediate or short term indicators changed their positions from yesterday. The ratings for both time periods remain BULLISH.
The very short term direction of least resistance still looks like it’s to the up side despite today’s reversal. However, the direction would need to break through that upper “box” resistance line to get going. Until then a continuation of the lateral trend might be the better guess. I might have been a little ahead of myself yesterday.
Merv’s Daily Uranium Index
Market Data
Open: 143.53
High: 147.95
Low: 138.37
Close: 139.77
Volume: 9403
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, I guess that a down day was to be expected. The day did start on the up side but with THE ONE’S stimulus package being passed late in the morning the markets, including uranium stocks, took a dive. Follow the market’s assessment of the stimulus, not the politician’s. Anyway, the turn around was not really all that big in uranium stocks and the Daily Index remains well inside its new short term “box” and even still in the upper reaches of the box.
The Merv’s Daily Uranium Index closed lower by 2.74 points or 1.92%. There were 13 winners, 31 losers and 6 going nowhere. As for the five largest stocks, Cameco lost 0.6%, Paladin went nowhere, Uranium One gained 4.0%, Uranium Participation lost 4.4% and USEC lost 0.2%. The best winner was Globex Mining with a gain of 14.9% while the worst loser was Western Uranium with a loss of 12.5%.
Although the day closed slightly on the down side none of the intermediate or short term indicators changed their positions from yesterday. The ratings for both time periods remain BULLISH.
The very short term direction of least resistance still looks like it’s to the up side despite today’s reversal. However, the direction would need to break through that upper “box” resistance line to get going. Until then a continuation of the lateral trend might be the better guess. I might have been a little ahead of myself yesterday.
2 comments:
So you jumped the gun abit, no worries! You do technical analysis not geo political analysis.
Hey none of us expect you to assess the world for us, most of us knew the WHOLE market would tank on THAT bank rescue and stimulus plan!
Lord help us!
I just found your site, and wanted to say thanks for what you do. I'm a fundamentalist uranium investor looking to balance my thinking with a technical analysis.
I need to get up to speed on the lingo, but what you do is terrific, and again, just wanted leave a bouquet to say thanks. SRB
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