After The Close, 23 Mar 2009
Merv’s Daily Uranium Index
Market Data
Open: 145.06
High: 150.65
Low: 142.46
Close: 147.91
Volume: 5314
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
That makes it six in a row. Over the past few months we have had two previous occasions when the Index moved upwards six days in a row. After each time we had a significant reaction. Will we be getting one again? I don’t know about a reaction but after six up days in a row one just might expect the Index to take a rest for a while. There is no real sign of a reversal of trend yet although the short term momentum has just entered its overbought zone as it did back on the first day of the new year. That resulted in a rally high a couple of days later and a two and a half month downward drift. I don’t expect anything like that, just filling space with some technical jargon.
The Merv’s Daily Uranium Index closed up by 3.89 points or 2.70%. There were 28 winners, 12 losers and 10 going nowhere. We could do better than that, especially with those no movers. As for the five largest stocks, Cameco gained 5.5%, First Uranium lost 4.1%, Paladin gained 5.2%, Uranium One gained 9.3% and USEC was one of those going nowhere. The best performer on the day was Uranium Resources with a gain of 40.0% while the worst performer was Denison Mines with a loss of 10.8%.
The only change from the week-end analysis is the short term momentum indicator moving into its overbought zone. Otherwise everything remains the same as on the week-end. Both the intermediate and short term ratings remain BULLISH.
As for the immediate direction of least resistance, that remains on the up side.
Merv’s Daily Uranium Index
Market Data
Open: 145.06
High: 150.65
Low: 142.46
Close: 147.91
Volume: 5314
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
That makes it six in a row. Over the past few months we have had two previous occasions when the Index moved upwards six days in a row. After each time we had a significant reaction. Will we be getting one again? I don’t know about a reaction but after six up days in a row one just might expect the Index to take a rest for a while. There is no real sign of a reversal of trend yet although the short term momentum has just entered its overbought zone as it did back on the first day of the new year. That resulted in a rally high a couple of days later and a two and a half month downward drift. I don’t expect anything like that, just filling space with some technical jargon.
The Merv’s Daily Uranium Index closed up by 3.89 points or 2.70%. There were 28 winners, 12 losers and 10 going nowhere. We could do better than that, especially with those no movers. As for the five largest stocks, Cameco gained 5.5%, First Uranium lost 4.1%, Paladin gained 5.2%, Uranium One gained 9.3% and USEC was one of those going nowhere. The best performer on the day was Uranium Resources with a gain of 40.0% while the worst performer was Denison Mines with a loss of 10.8%.
The only change from the week-end analysis is the short term momentum indicator moving into its overbought zone. Otherwise everything remains the same as on the week-end. Both the intermediate and short term ratings remain BULLISH.
As for the immediate direction of least resistance, that remains on the up side.
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