After The Close, 21 Apr 2009
Merv’s Daily Uranium Index
Market Data
Open: 142.51
High: 148.56
Low: 139.49
Close: 146.22
Volume: 3973
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, some things have been changing but nothing yet too critical. However, there are some very early signs that the market sentiment for uranium stocks may be oh so gently turning towards the negative side. It’s still too early to panic but early enough to pay attention.
The Merv’s Daily Uranium Index closed on the up side today, after being on the down side yesterday. The Index was up 1.76 points or 1.22%. There were 20 winning stocks, 17 losing stocks and 13 nowhere stocks. I have mentioned in the past that this many stocks that can’t make up their mind which way to go should be considered as a cautionary event until the market says otherwise. Of those five largest stocks Cameco gained 3.8%, First Uranium lost o.8%, Paladin gained 5.0%, Uranium One lost 0.7% and USEC gained 2.8%. The best winner on the day was Uranium Power with a gain of 11.5% while the loser on the day was Continental Precious Minerals with a loss of 17.7%.
First of all, I know some of you are waiting for that Daily Index long term moving average to turn upwards. It still has not but is continually turning in that direction but very slowly.
As for the intermediate term the Index once more touched its positive sloping moving average line and bounce upwards. It also touched the lower support trend line of a short term upward sloping channel. I don’t particularly like the upward sloping channels since the odds are for a break-out on the down side. One saving grace is the fact that the slope of the channel is quite shallow. The momentum indicator remains just above its neutral line in its positive zone but has now moved below its negative sloping trigger line. The volume indicator is still above its positive trigger line but starting to weaken. It should have moved into new highs or very close to new highs but seems to be holding back. Still, all in all the intermediate term rating remains BULLISH.
On the short term things are not so stable. Yesterday the Index closed below its short term moving average line and the line just very, very slightly turned downward. Today, although the Index still closed below the moving average line the line turned back very, very slightly to the up side. I have to go day by day with what I have rather than what I think I should be getting. The momentum indicator remains just inside its positive zone but continues below its negative sloping trigger line. As mentioned during the week-end, the short term momentum indicator has given us a negative divergence so this too must be watched. The daily volume action is once more on the down side with yesterday’s downside volume greater than today’s upside volume. The positive momentum and negative moving average information leaves me with a NEUTRAL rating for the short term.
Merv’s Daily Uranium Index
Market Data
Open: 142.51
High: 148.56
Low: 139.49
Close: 146.22
Volume: 3973
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, some things have been changing but nothing yet too critical. However, there are some very early signs that the market sentiment for uranium stocks may be oh so gently turning towards the negative side. It’s still too early to panic but early enough to pay attention.
The Merv’s Daily Uranium Index closed on the up side today, after being on the down side yesterday. The Index was up 1.76 points or 1.22%. There were 20 winning stocks, 17 losing stocks and 13 nowhere stocks. I have mentioned in the past that this many stocks that can’t make up their mind which way to go should be considered as a cautionary event until the market says otherwise. Of those five largest stocks Cameco gained 3.8%, First Uranium lost o.8%, Paladin gained 5.0%, Uranium One lost 0.7% and USEC gained 2.8%. The best winner on the day was Uranium Power with a gain of 11.5% while the loser on the day was Continental Precious Minerals with a loss of 17.7%.
First of all, I know some of you are waiting for that Daily Index long term moving average to turn upwards. It still has not but is continually turning in that direction but very slowly.
As for the intermediate term the Index once more touched its positive sloping moving average line and bounce upwards. It also touched the lower support trend line of a short term upward sloping channel. I don’t particularly like the upward sloping channels since the odds are for a break-out on the down side. One saving grace is the fact that the slope of the channel is quite shallow. The momentum indicator remains just above its neutral line in its positive zone but has now moved below its negative sloping trigger line. The volume indicator is still above its positive trigger line but starting to weaken. It should have moved into new highs or very close to new highs but seems to be holding back. Still, all in all the intermediate term rating remains BULLISH.
On the short term things are not so stable. Yesterday the Index closed below its short term moving average line and the line just very, very slightly turned downward. Today, although the Index still closed below the moving average line the line turned back very, very slightly to the up side. I have to go day by day with what I have rather than what I think I should be getting. The momentum indicator remains just inside its positive zone but continues below its negative sloping trigger line. As mentioned during the week-end, the short term momentum indicator has given us a negative divergence so this too must be watched. The daily volume action is once more on the down side with yesterday’s downside volume greater than today’s upside volume. The positive momentum and negative moving average information leaves me with a NEUTRAL rating for the short term.
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