After The Close, 09 Apr 2009
Merv’s Daily Uranium Index
Market Data
Open: 145.41
High: 149.16
Low: 141.72
Close: 146.07
Volume: 3786
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Another up day and although it may have changed some of the indicators a little the Index remains in its lateral trading range area. The daily volume activity does not give confidence that the up side will continue for long but it may just be the fact that we are entering a holiday period and many of the speculators have left the market for a few days. We’ll have to wait till next week now to see if things strength up.
The Merv’s Daily Uranium Index closed on the up side by 2.30 points or 1.60%. There were 27 winners, 8 losers and 15 going nowhere. This may be further confirmation that the speculators are gone for a few days. As for the five largest stocks, Cameco gained 1.7%, First Uranium lost 0.8%, Paladin gained 0.3%, Uranium One went nowhere and USEC gained 5.9%. The best winner on the day was Uranium Resources with a gain of 13.6% while the worst loser was Quaterra with a loss of 8.6%.
Other than the momentum indicator moving above and below its trigger line the intermediate term indicators have stayed pretty well constant over the past few days. The Index remains above its positive sloping moving average line and the momentum indicator remains in its positive zone. It has once more moved above its trigger line and the trigger is so very slightly pointing in the up direction. The volume indicator is still the strong indicator and remains positive, above its positive trigger line. On the intermediate term the rating remains BULLISH.
As for the short term, everything looks rosy again. The Index is once more above its short term moving average line and the line slope has just turned back to the up side. The momentum indicator remains in its positive zone and has also moved above its positive trigger line. Only the daily volume is not all that positive but the holidays were already mentioned as a reason. For the short term we are back to a full BULLISH rating again.
On the immediate direction of least resistance, well that will remain the lateral direction until something more positive happens on the chart.
I guess the Exchanges are closed tomorrow (at least the Canadian ones are) so I might get the week-end commentary early this week.
Merv’s Daily Uranium Index
Market Data
Open: 145.41
High: 149.16
Low: 141.72
Close: 146.07
Volume: 3786
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Another up day and although it may have changed some of the indicators a little the Index remains in its lateral trading range area. The daily volume activity does not give confidence that the up side will continue for long but it may just be the fact that we are entering a holiday period and many of the speculators have left the market for a few days. We’ll have to wait till next week now to see if things strength up.
The Merv’s Daily Uranium Index closed on the up side by 2.30 points or 1.60%. There were 27 winners, 8 losers and 15 going nowhere. This may be further confirmation that the speculators are gone for a few days. As for the five largest stocks, Cameco gained 1.7%, First Uranium lost 0.8%, Paladin gained 0.3%, Uranium One went nowhere and USEC gained 5.9%. The best winner on the day was Uranium Resources with a gain of 13.6% while the worst loser was Quaterra with a loss of 8.6%.
Other than the momentum indicator moving above and below its trigger line the intermediate term indicators have stayed pretty well constant over the past few days. The Index remains above its positive sloping moving average line and the momentum indicator remains in its positive zone. It has once more moved above its trigger line and the trigger is so very slightly pointing in the up direction. The volume indicator is still the strong indicator and remains positive, above its positive trigger line. On the intermediate term the rating remains BULLISH.
As for the short term, everything looks rosy again. The Index is once more above its short term moving average line and the line slope has just turned back to the up side. The momentum indicator remains in its positive zone and has also moved above its positive trigger line. Only the daily volume is not all that positive but the holidays were already mentioned as a reason. For the short term we are back to a full BULLISH rating again.
On the immediate direction of least resistance, well that will remain the lateral direction until something more positive happens on the chart.
I guess the Exchanges are closed tomorrow (at least the Canadian ones are) so I might get the week-end commentary early this week.
3 comments:
Thanks as always for the chart work Merv and the response to comments.
I've got another question for you. How can the volume indicator be the underlying strength of technicals, while also having pretty consistant weak daily volume?
Have a great weekend, maybe go hit that pub again?!
BF
Anonymous,
That's pubs with an s. Who can stop at just one.
The difference is in the calculation. The daily volume is just that, a single value each day. The indicator (On-Balance Volume) is a running daily total where the volume from one day is either added (on up days) or subtracted (on down days) from the previous day's running total.
Even when the daily volume is on the low side the running total could still be to the up side if there are more up days than down days or if the up days are just a little higher than down days.
One gives you the trend of the volume activity and the other tells you if there is much interest in the daily trading or not. See further comment on the volume in the week-end commentary, to be posted most probably Sat afternoon.
Hope this answers your question.
It did....and thanks again, always appreciate your time and input..
Oh and sorry about the typo on my end....of course one can't!
Cheers,
BF
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