After The Close, 17 Feb 2009
Merv’s Daily Uranium Index
Market Data
Open: 140.61
High: 144.22
Low: 133.37
Close: 137.94
Volume: 4186
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Aren’t you glad that you have gotten used to looking and understanding charts so that you are not tearing your hair out during days like this and not knowing what to do. The chart keeps you calm and cool.
The Merv’s Daily Uranium Index closed lower today with the rest of the markets. It was lower by 3.92 points or 2.76%. Now, looking at the chart one immediately can see that this decline is still not a big concern and no need to panic. The action is still within a well defined “box” of action over the past few weeks. Just more of the same lateral stuff. Still, it wasn’t a good day as far as a single day is concerned. There were only 10 winners on the day, 37 losers and 3 stocks going nowhere. As for the five largest stocks, they went with the masses. Cameco lost 5.4%, Paladin lost 5.8%, Uranium One lost 5.2%, Uranium Participation lost 2.9% and USEC lost 2.7%. The best daily performer was Altius Minerals with a 7.7% gain while the worst performer was Bayswater Uranium with a loss of 24.1%.
There were some minor changes during the intermediate term. The Index continued to trade above its positive moving average line but the momentum is getting slightly weaker. It remains below its neutral line in the negative zone but today it also moved just below its trigger line. The trigger also turned to the down side. The volume indicator is still quite strong and above its positive trigger line. With the weakening in the momentum the intermediate term rating has been down graded to + NEUTRAL.
As for the short term the Daily Index has moved below its moving average line with the line now turning downward. As I mentioned at one time, when you are tracking laterally in one of these “box” patterns you are likely to be whip-sawed a few times as the Index and indicators oscillated over a small vertical range. Just one of the minor frustrations of the technical kind. The momentum indicator is now moving lower but is still slightly in its positive zone. It has moved below its trigger line and the trigger has turned downward. As for the daily volume action it remains quite low but this is expected during a lateral trading period. On the short term the rating has now gone to a full BEARISH rating. However, no need to panic yet as long as the trading remains in the box.
Merv’s Daily Uranium Index
Market Data
Open: 140.61
High: 144.22
Low: 133.37
Close: 137.94
Volume: 4186
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Aren’t you glad that you have gotten used to looking and understanding charts so that you are not tearing your hair out during days like this and not knowing what to do. The chart keeps you calm and cool.
The Merv’s Daily Uranium Index closed lower today with the rest of the markets. It was lower by 3.92 points or 2.76%. Now, looking at the chart one immediately can see that this decline is still not a big concern and no need to panic. The action is still within a well defined “box” of action over the past few weeks. Just more of the same lateral stuff. Still, it wasn’t a good day as far as a single day is concerned. There were only 10 winners on the day, 37 losers and 3 stocks going nowhere. As for the five largest stocks, they went with the masses. Cameco lost 5.4%, Paladin lost 5.8%, Uranium One lost 5.2%, Uranium Participation lost 2.9% and USEC lost 2.7%. The best daily performer was Altius Minerals with a 7.7% gain while the worst performer was Bayswater Uranium with a loss of 24.1%.
There were some minor changes during the intermediate term. The Index continued to trade above its positive moving average line but the momentum is getting slightly weaker. It remains below its neutral line in the negative zone but today it also moved just below its trigger line. The trigger also turned to the down side. The volume indicator is still quite strong and above its positive trigger line. With the weakening in the momentum the intermediate term rating has been down graded to + NEUTRAL.
As for the short term the Daily Index has moved below its moving average line with the line now turning downward. As I mentioned at one time, when you are tracking laterally in one of these “box” patterns you are likely to be whip-sawed a few times as the Index and indicators oscillated over a small vertical range. Just one of the minor frustrations of the technical kind. The momentum indicator is now moving lower but is still slightly in its positive zone. It has moved below its trigger line and the trigger has turned downward. As for the daily volume action it remains quite low but this is expected during a lateral trading period. On the short term the rating has now gone to a full BEARISH rating. However, no need to panic yet as long as the trading remains in the box.
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