After The Close, 05 Mar 2009
Merv’s Daily Uranium Index
Market Data
Open: 127.69
High: 131.49
Low: 123.15
Close: 126.43
Volume: 3890
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, our big rally is over and the Daily Index closed on the down side today. I guess we couldn’t expect too much of a rally since uranium closed lower again this week, by $1.25. It is getting closer and closer to its previous low. It will be interesting to see if the uranium price will hold or move into new lows. Too bad we only get uranium prices once a week.
The Index continues in that down trending channel (thanks to “anonymous” for pointing it out). These down trending ones usually (not always) get broken on the up side so here too we’ll have to wait.
The Merv’s Daily Uranium Index closed lower by 1.80 points or 1.41%. There were 13 winners, 26 losers and 11 going nowhere. As for the five largest stocks, Cameco lost 2.7%, Paladin lost 7.1%, Uranium One lost 4.1%, Uranium Participation gained 2.2% and USEC lost 6.2%. The best winner was Forsys Metals with a gain of 10.2% while the loser on the day was Uranium Resources with a loss of 14.0%.
The intermediate term continues to get weaker. The Daily Index remains below its negative sloping moving average line and the momentum indicator continues in its negative zone below its negative trigger line. The volume indicator continues in its positive move. Yesterday it reached a new rally high and today it paused just a little. It remains above its positive sloping trigger line. The volume indicator is about the only positive at this time BUT I still remember that the volume indicator is too often a lagging indicator at market tops (or down turn phases) and maybe this is one of those times. Anyway, the intermediate term rating remains unchanged, at a BEARISH rating.
As for the short term, the Index remains below its negative sloping moving average line. The very short term moving average line (shown in black but I forgot to identify it on the chart) is also below the short term line for confirmation of the negative trend. The short term momentum indicator remains in its negative zone and is just below its negative trigger line. As for the daily volume action, it remains in the very low levels and is what one expects during a mild down trend. Short term the rating remains BEARISH.
As for the immediate direction of least resistance, well I continue with the lateral direction. Despite the casual down trending the Index does not seem in too much of a hurry to get anyplace.
Looking over the stocks we have many that are in bottoming patterns. Several had made decisive upside breaks but are being beaten into submission and moving back to the down side. I would expect that the next upside move, once confirmed, will be a real winner. Let’s hope so.
Merv’s Daily Uranium Index
Market Data
Open: 127.69
High: 131.49
Low: 123.15
Close: 126.43
Volume: 3890
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, our big rally is over and the Daily Index closed on the down side today. I guess we couldn’t expect too much of a rally since uranium closed lower again this week, by $1.25. It is getting closer and closer to its previous low. It will be interesting to see if the uranium price will hold or move into new lows. Too bad we only get uranium prices once a week.
The Index continues in that down trending channel (thanks to “anonymous” for pointing it out). These down trending ones usually (not always) get broken on the up side so here too we’ll have to wait.
The Merv’s Daily Uranium Index closed lower by 1.80 points or 1.41%. There were 13 winners, 26 losers and 11 going nowhere. As for the five largest stocks, Cameco lost 2.7%, Paladin lost 7.1%, Uranium One lost 4.1%, Uranium Participation gained 2.2% and USEC lost 6.2%. The best winner was Forsys Metals with a gain of 10.2% while the loser on the day was Uranium Resources with a loss of 14.0%.
The intermediate term continues to get weaker. The Daily Index remains below its negative sloping moving average line and the momentum indicator continues in its negative zone below its negative trigger line. The volume indicator continues in its positive move. Yesterday it reached a new rally high and today it paused just a little. It remains above its positive sloping trigger line. The volume indicator is about the only positive at this time BUT I still remember that the volume indicator is too often a lagging indicator at market tops (or down turn phases) and maybe this is one of those times. Anyway, the intermediate term rating remains unchanged, at a BEARISH rating.
As for the short term, the Index remains below its negative sloping moving average line. The very short term moving average line (shown in black but I forgot to identify it on the chart) is also below the short term line for confirmation of the negative trend. The short term momentum indicator remains in its negative zone and is just below its negative trigger line. As for the daily volume action, it remains in the very low levels and is what one expects during a mild down trend. Short term the rating remains BEARISH.
As for the immediate direction of least resistance, well I continue with the lateral direction. Despite the casual down trending the Index does not seem in too much of a hurry to get anyplace.
Looking over the stocks we have many that are in bottoming patterns. Several had made decisive upside breaks but are being beaten into submission and moving back to the down side. I would expect that the next upside move, once confirmed, will be a real winner. Let’s hope so.
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