After The Close, 05 May 2009
Merv’s Daily Uranium Index
Market Data
Open: 189.98
High: 192.80
Low: 179.52
Close: 186.57
Volume: 9705
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Looking more and more like a short term topping process. Despite the negative close on the day I would still call the day a positive day as far as the Index was concerned. It closed well above its daily low, in fact above its mid range level. The aggressive Stochastic Oscillator suggests the same as it rose on the day. Although it does look like a topping process I would not be too concerned yet that any MAJOR reversal is in order. A correction yes, a reversal of basic trend not yet.
The Merv’s Daily Uranium Index closed the day on the down side by 2.96 points or 1.56%. There were 14 winners, 33 losers and 3 stocks going nowhere. As for those five largest stocks, Cameco lost 1.0%, First Uranium lost 0.7%, Paladin lost 3.9%, Uranium One lost 3.8% and USEC gained 3.4%. The best performer on the day was CanAlaska Ventures with a gain of 11.8% while the worst performer was Powertech Uranium with a loss of 9.5%. With 33 stocks on the decline and the worst we can do is not even a double digit decline says that the basic strength behind the market is still positive. Speculators are not in a rush to cash in their gains yet.
Again, nothing has changed in the short or intermediate term indicators sine the week-end so the ratings for both time periods remains BULLISH.
Merv’s Daily Uranium Index
Market Data
Open: 189.98
High: 192.80
Low: 179.52
Close: 186.57
Volume: 9705
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Looking more and more like a short term topping process. Despite the negative close on the day I would still call the day a positive day as far as the Index was concerned. It closed well above its daily low, in fact above its mid range level. The aggressive Stochastic Oscillator suggests the same as it rose on the day. Although it does look like a topping process I would not be too concerned yet that any MAJOR reversal is in order. A correction yes, a reversal of basic trend not yet.
The Merv’s Daily Uranium Index closed the day on the down side by 2.96 points or 1.56%. There were 14 winners, 33 losers and 3 stocks going nowhere. As for those five largest stocks, Cameco lost 1.0%, First Uranium lost 0.7%, Paladin lost 3.9%, Uranium One lost 3.8% and USEC gained 3.4%. The best performer on the day was CanAlaska Ventures with a gain of 11.8% while the worst performer was Powertech Uranium with a loss of 9.5%. With 33 stocks on the decline and the worst we can do is not even a double digit decline says that the basic strength behind the market is still positive. Speculators are not in a rush to cash in their gains yet.
Again, nothing has changed in the short or intermediate term indicators sine the week-end so the ratings for both time periods remains BULLISH.
As for the immediate direction of least resistance, that will remain on the lateral side. Although the Stochastic Oscillator is showing some strength by moving higher today I really don’t see any strong continuation of the up trend until the Index has had at least a few days of rest or consolidation of gains.
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