After The Close, 12 Feb 2009
Merv’s Daily Uranium Index
Market Data
Open: 139.27
High: 143.22
Low: 135.80
Close: 140.93
Volume: 4490
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
This is getting more frustrating every day. Another up day in the uranium market but still inside that short term “box” and up trending channel. The three main moving averages seem to be converging. The long term is holding down the Index, the intermediate term is holding up the Index and the short term just seems to be getting lost inside all that daily action. We know the Index will get away from the short term moving average line but we don’t know if it will be the long or intermediate term average that gets penetrated. I’ll put my money on the long term even though the price of uranium continues to move lower and is most likely a drag on the stocks.
The Merv’s Daily Uranium Index closed higher by 0.92 points or 0.66%. There were 22 winners, 18 losers and 10 going nowhere, a basically neutral day. The five largest stocks were all over the place. Cameco gained 0.2%, Paladin lost 4.0%, Uranium One lost 0.5%, Uranium Participation lost 1.4% and USEC gained 3.6%. The best winner on the day was Bayswater Uranium with a gain of 27.3% while the loser on the day was Strateco with a loss of 7.8%.
With the mild action today nothing has changed from the technical standpoint. Both the intermediate and short term ratings remain BULLISH and the immediate term direction of least resistance remains to the lateral. For a more detailed analysis, see the past few day’s as being applicable.
Merv’s Daily Uranium Index
Market Data
Open: 139.27
High: 143.22
Low: 135.80
Close: 140.93
Volume: 4490
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
This is getting more frustrating every day. Another up day in the uranium market but still inside that short term “box” and up trending channel. The three main moving averages seem to be converging. The long term is holding down the Index, the intermediate term is holding up the Index and the short term just seems to be getting lost inside all that daily action. We know the Index will get away from the short term moving average line but we don’t know if it will be the long or intermediate term average that gets penetrated. I’ll put my money on the long term even though the price of uranium continues to move lower and is most likely a drag on the stocks.
The Merv’s Daily Uranium Index closed higher by 0.92 points or 0.66%. There were 22 winners, 18 losers and 10 going nowhere, a basically neutral day. The five largest stocks were all over the place. Cameco gained 0.2%, Paladin lost 4.0%, Uranium One lost 0.5%, Uranium Participation lost 1.4% and USEC gained 3.6%. The best winner on the day was Bayswater Uranium with a gain of 27.3% while the loser on the day was Strateco with a loss of 7.8%.
With the mild action today nothing has changed from the technical standpoint. Both the intermediate and short term ratings remain BULLISH and the immediate term direction of least resistance remains to the lateral. For a more detailed analysis, see the past few day’s as being applicable.
An anonymous reader asked the other day if it wasn't time to start looking at some charts and beginning to accumulate stock. I have had a chance to look through the charts of all 50 Index component stocks and am surprised at how many still have not moved all that much. There are, however, some that have moved and made break-outs on the up side. Of these only a very few show any significant volume of activity behind the moves. These are the ones with speculative interest behind them. After the week-end I'll try and post a few of these for your information.
As for accumulation, I am not a great fan of the concept but when one has the confidence of a stock that will be moving in the direction expected, then accumulation is waranted during a reaction at lower prices. HOWEVER, ALWAYS HAVE A STOP LOSS to get out just in case things go sour.
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