After The Close, 07 May 2009
Merv’s Daily Uranium Index
Market Data
Open: 187.58
High: 191.15
Low: 175.36
Close: 179.01
Volume: 8980
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Here’s that reaction I was warning you about. It was a no-brainer looking at what was happening with the momentum and volume indicators, especially the shorter term ones. Now you will want to know how low it will go. I don’t claim to be any good at forecasting or projecting, unless I have a decent P&F chart to go by but those are more for intermediate or longer term projections. The upside projections are still in effect. My GUESS would be a move to the 160 level, but that’s only a guess. My preference is to let the charts and indicators tell me what is happening and go with that. The short term indicators should give us plenty of time to get in on the ground floor of the next move.
The Merv’s Daily Uranium Index closed lower by 11.38 points or 5.98%. That’s about the worst day for some time now. There were 11 winners, 38 losers and only 1 that didn’t know where it was going. We actually had one winner among the five largest stocks. Cameco lost 1.6%, First Uranium lost 1.3%, Paladin lost 3.8% Uranium One was the winner with a gain of 0.8% and USEC really lost out with a loss of 20.1%. The best of the winners was Rockgate Capital with a gain of 11.5% while USEC was the loser of the day with that 20.1% loss.
On the intermediate term the Index is still a long way above its positive sloping moving average line so there is no panic that the rating is going to go bearish here for some time yet. The momentum indicator remains in its positive zone but has now dropped below its trigger line. The trigger still remains in a positive trend. As for the volume indicator, it continues to show a weakening trend but still remains above its positive trigger line. All in all, the intermediate term rating remains BULLISH.
On the short term the Index just touched the moving average line but still closed above it. The line remains in a positive slope. The momentum indicator has now moved below its overbought line but remains in the positive zone. It is below its negative trigger line, however. The daily volume action remains slightly slanted towards the negative side, but that is to be expected with how the Index has acted these past few days. The short term rating remains BULLISH for now.
The Index has now dropped below its very short term moving average line and the line has turned downward. It is still above the short term line so it has not confirmed the existence of a short term down trend yet. The Stochastic Oscillator has continued to show greater weakness than most other indicators and is moving sharply lower, but remains above its neutral line for at least today. All indications are that we are moving into a short term reaction with the direction of least resistance now more to the down side. As mentioned above, my guess would be a move to the 160 level but let’s wait and see.
Merv’s Daily Uranium Index
Market Data
Open: 187.58
High: 191.15
Low: 175.36
Close: 179.01
Volume: 8980
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Here’s that reaction I was warning you about. It was a no-brainer looking at what was happening with the momentum and volume indicators, especially the shorter term ones. Now you will want to know how low it will go. I don’t claim to be any good at forecasting or projecting, unless I have a decent P&F chart to go by but those are more for intermediate or longer term projections. The upside projections are still in effect. My GUESS would be a move to the 160 level, but that’s only a guess. My preference is to let the charts and indicators tell me what is happening and go with that. The short term indicators should give us plenty of time to get in on the ground floor of the next move.
The Merv’s Daily Uranium Index closed lower by 11.38 points or 5.98%. That’s about the worst day for some time now. There were 11 winners, 38 losers and only 1 that didn’t know where it was going. We actually had one winner among the five largest stocks. Cameco lost 1.6%, First Uranium lost 1.3%, Paladin lost 3.8% Uranium One was the winner with a gain of 0.8% and USEC really lost out with a loss of 20.1%. The best of the winners was Rockgate Capital with a gain of 11.5% while USEC was the loser of the day with that 20.1% loss.
On the intermediate term the Index is still a long way above its positive sloping moving average line so there is no panic that the rating is going to go bearish here for some time yet. The momentum indicator remains in its positive zone but has now dropped below its trigger line. The trigger still remains in a positive trend. As for the volume indicator, it continues to show a weakening trend but still remains above its positive trigger line. All in all, the intermediate term rating remains BULLISH.
On the short term the Index just touched the moving average line but still closed above it. The line remains in a positive slope. The momentum indicator has now moved below its overbought line but remains in the positive zone. It is below its negative trigger line, however. The daily volume action remains slightly slanted towards the negative side, but that is to be expected with how the Index has acted these past few days. The short term rating remains BULLISH for now.
The Index has now dropped below its very short term moving average line and the line has turned downward. It is still above the short term line so it has not confirmed the existence of a short term down trend yet. The Stochastic Oscillator has continued to show greater weakness than most other indicators and is moving sharply lower, but remains above its neutral line for at least today. All indications are that we are moving into a short term reaction with the direction of least resistance now more to the down side. As mentioned above, my guess would be a move to the 160 level but let’s wait and see.
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