After The Close, 24 Feb 2009
Merv’s Daily Uranium Index
Market Data
Open: 128.65
High: 132.22
Low: 123.46
Close: 129.24
Volume: 3300
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 at least it didn’t drop like a rock but at 0.25% it wasn’t much of a positive move either. The Index is still inside its “box” but not by much. We need to see a continuing advance from here. The Index is now below that lower support line of the up trending channel. It’s now a battle as to which will win, the downside break of the channel or the continuing move inside the “box”. One indicator on the side of the channel downside move is the fact that uranium has lost another $2.00 to sell at $45.00 and getting very close to its previous low. Here too we could have a break into new bear market lows very soon or we could have a test of the previous low making a positive double bottom. Just more waiting and watching.
The Merv’s Daily Uranium Index closed on the up side today but only by 0.32 points or 0.25%. There were 18 winners but more losers at 27. There were 5 stocks going nowhere. The breadth of the market was on the down side. Although the Daily Index closed slightly higher the Index would have shown a decline of 1.55% (using the Weekly Index method) indicating the average stock declined on the day. The five largest stocks were mixed on the day. Cameco gained 5.4%, Paladin gained 5.6%, Uranium One lost 2.1%, Uranium Participation lost 0.5% and USEC gained 2.6%. The best winner was Uranium Resources with a gain of 14.0% while the worst loser was Uranium Energy with a loss of 23.1%.
With the mild move by the Index today nothing has changed as far as the indicators and ratings are concerned. The intermediate term remains BEARISH as does the short term. For a detail review of where the indicators stand, see yesterday’s commentary.
The immediate direction of least resistance remains to the lateral although the indicators would have me go to the down side. I just need a little more convincing from the market action to go to the down side.
I’ll be on the move again tomorrow and may be late in my posting of the commentary. I think I’ve finally got the handle of using the laptop and have used it for the past couple of days, so, that problem (which has bugged me the last time I traveled) appears to be solved.
Merv’s Daily Uranium Index
Market Data
Open: 128.65
High: 132.22
Low: 123.46
Close: 129.24
Volume: 3300
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 at least it didn’t drop like a rock but at 0.25% it wasn’t much of a positive move either. The Index is still inside its “box” but not by much. We need to see a continuing advance from here. The Index is now below that lower support line of the up trending channel. It’s now a battle as to which will win, the downside break of the channel or the continuing move inside the “box”. One indicator on the side of the channel downside move is the fact that uranium has lost another $2.00 to sell at $45.00 and getting very close to its previous low. Here too we could have a break into new bear market lows very soon or we could have a test of the previous low making a positive double bottom. Just more waiting and watching.
The Merv’s Daily Uranium Index closed on the up side today but only by 0.32 points or 0.25%. There were 18 winners but more losers at 27. There were 5 stocks going nowhere. The breadth of the market was on the down side. Although the Daily Index closed slightly higher the Index would have shown a decline of 1.55% (using the Weekly Index method) indicating the average stock declined on the day. The five largest stocks were mixed on the day. Cameco gained 5.4%, Paladin gained 5.6%, Uranium One lost 2.1%, Uranium Participation lost 0.5% and USEC gained 2.6%. The best winner was Uranium Resources with a gain of 14.0% while the worst loser was Uranium Energy with a loss of 23.1%.
With the mild move by the Index today nothing has changed as far as the indicators and ratings are concerned. The intermediate term remains BEARISH as does the short term. For a detail review of where the indicators stand, see yesterday’s commentary.
The immediate direction of least resistance remains to the lateral although the indicators would have me go to the down side. I just need a little more convincing from the market action to go to the down side.
I’ll be on the move again tomorrow and may be late in my posting of the commentary. I think I’ve finally got the handle of using the laptop and have used it for the past couple of days, so, that problem (which has bugged me the last time I traveled) appears to be solved.
2 comments:
Let's hope for the double bottom scenario....I like that particular technical event as opposed to a break through resistance
oops...I meant to say a break through support
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