After The Close, 10 Mar 2009
Merv’s Daily Uranium Index
Market Data
Open: 126.33
High: 129.53
Low: 122.64
Close: 126.19
Volume: 3511
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
The Daily Index continues to nibble away with those tine little moves, nibble, nibble. One might have thought that we would get some better performance from the uranium stocks seeing as how the overall markets had a good day, but no, nibble, nibble. On the other hand I guess we should consider ourselves lucky we did not go down seeing as how uranium took another negative move today, if only by $0.25. We remain mired inside that down trending channel and still at more in the lower levels than anywhere near the top, so, I wouldn’t expect it to break on the up side for at least another couple of days, that is, even with more than nibble days.
The Merv’s Daily Uranium Index closed higher today but only higher by 1.58 points or 1.27%. There were 23 winners, 17 losers and 10 going nowhere. When we get that many stocks going nowhere it sure must be a neutral, undecided, market. At least a few of the biggies had decent days. Cameco gained 4.1%, Paladin gained 9.5%, Uranium One gained 7.4%, Uranium Participation went nowhere and USEC gained 0.3%. The best winner was a tie between Strateco and Strathmore each with a gain of 14.6%. The loser on the day was Titan Uranium with a loss of 9.4%.
The Daily Index continues to move below its intermediate term negative sloping moving average line while the momentum indicator continues in basically a lateral path in its negative zone just slightly below its negative trigger line. As today’s chart shows, the volume indicator remains the positive indicator remaining above its positive sloping trigger line. All in all, I still must rate the intermediate term as BEARISH but another day or two of positive Index action and that rating should start to improve.
The short term environment is starting to improve although it has not yet changed the ratings. The Index remains just below its negative moving average line and the momentum remains in its negative zone. The momentum is improving and has moved above its trigger line although the trigger is still pointing downward. Unlike the positive reading of the intermediate (and long term) volume indicator the daily volume action has not yet improved to show any positive trend. As mentioned many times, the daily volume action is low and what one would expect during a negative Index trend. At this time the short term rating must still be classified as BEARISH but I would guess only another good upside day and that could change.
As for the immediate direction of least resistance, that remains to the lateral. I think I would be inclined to improve that immediate term direction once the Index closed at or above the 132 mark.
Merv’s Daily Uranium Index
Market Data
Open: 126.33
High: 129.53
Low: 122.64
Close: 126.19
Volume: 3511
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
The Daily Index continues to nibble away with those tine little moves, nibble, nibble. One might have thought that we would get some better performance from the uranium stocks seeing as how the overall markets had a good day, but no, nibble, nibble. On the other hand I guess we should consider ourselves lucky we did not go down seeing as how uranium took another negative move today, if only by $0.25. We remain mired inside that down trending channel and still at more in the lower levels than anywhere near the top, so, I wouldn’t expect it to break on the up side for at least another couple of days, that is, even with more than nibble days.
The Merv’s Daily Uranium Index closed higher today but only higher by 1.58 points or 1.27%. There were 23 winners, 17 losers and 10 going nowhere. When we get that many stocks going nowhere it sure must be a neutral, undecided, market. At least a few of the biggies had decent days. Cameco gained 4.1%, Paladin gained 9.5%, Uranium One gained 7.4%, Uranium Participation went nowhere and USEC gained 0.3%. The best winner was a tie between Strateco and Strathmore each with a gain of 14.6%. The loser on the day was Titan Uranium with a loss of 9.4%.
The Daily Index continues to move below its intermediate term negative sloping moving average line while the momentum indicator continues in basically a lateral path in its negative zone just slightly below its negative trigger line. As today’s chart shows, the volume indicator remains the positive indicator remaining above its positive sloping trigger line. All in all, I still must rate the intermediate term as BEARISH but another day or two of positive Index action and that rating should start to improve.
The short term environment is starting to improve although it has not yet changed the ratings. The Index remains just below its negative moving average line and the momentum remains in its negative zone. The momentum is improving and has moved above its trigger line although the trigger is still pointing downward. Unlike the positive reading of the intermediate (and long term) volume indicator the daily volume action has not yet improved to show any positive trend. As mentioned many times, the daily volume action is low and what one would expect during a negative Index trend. At this time the short term rating must still be classified as BEARISH but I would guess only another good upside day and that could change.
As for the immediate direction of least resistance, that remains to the lateral. I think I would be inclined to improve that immediate term direction once the Index closed at or above the 132 mark.
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