After The Close, 14 May 2009
Merv’s Daily Uranium Index
Market Data
Open: 174.96
High: 180.00
Low: 169.31
Close: 176.35
Volume: 6858
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Still not much of anything happening. It’s a waiting game while the stocks consolidate their recent gains and figure out which way they want to continue. By all accounts, the up side still remains the direction of the next move.
The Merv’s Daily Uranium Index closed the day on the up side by a whole 0.57 points or 0.32%. There were 20 winners, 24 losers and 6 unsure of themselves. Of the five largest stocks only one was a loser. Cameco gained 2.0%, First Uranium gained 1.8%, Paladin gained 7.4%, Uranium One lost 0.3% and USEC gained 1.9%. The best winner was Alberta Star with a gain of 10.5% while the worst loser was Rockgate Capital with a loss of 15.5%.
With a daily move of only 0.32% nothing has changed in the indicators or ratings for the intermediate or short term. The ratings remain BULLISH on the intermediate term and BEARISH on the short term.
As for the direction of least resistance, things have changed somewhat. The very short term moving average line has now crossed below the short term line to confirm the short term bear position. The Stochastic Oscillator continues to move lower inside its negative zone but not yet in its oversold zone. Now, with all that one might think that the direction of least resistance would be to the down side but the action today seems to indicate a desire to move higher, at least a little higher. I’ll go with the lateral direction as it has done good service so far.
Merv’s Daily Uranium Index
Market Data
Open: 174.96
High: 180.00
Low: 169.31
Close: 176.35
Volume: 6858
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Still not much of anything happening. It’s a waiting game while the stocks consolidate their recent gains and figure out which way they want to continue. By all accounts, the up side still remains the direction of the next move.
The Merv’s Daily Uranium Index closed the day on the up side by a whole 0.57 points or 0.32%. There were 20 winners, 24 losers and 6 unsure of themselves. Of the five largest stocks only one was a loser. Cameco gained 2.0%, First Uranium gained 1.8%, Paladin gained 7.4%, Uranium One lost 0.3% and USEC gained 1.9%. The best winner was Alberta Star with a gain of 10.5% while the worst loser was Rockgate Capital with a loss of 15.5%.
With a daily move of only 0.32% nothing has changed in the indicators or ratings for the intermediate or short term. The ratings remain BULLISH on the intermediate term and BEARISH on the short term.
As for the direction of least resistance, things have changed somewhat. The very short term moving average line has now crossed below the short term line to confirm the short term bear position. The Stochastic Oscillator continues to move lower inside its negative zone but not yet in its oversold zone. Now, with all that one might think that the direction of least resistance would be to the down side but the action today seems to indicate a desire to move higher, at least a little higher. I’ll go with the lateral direction as it has done good service so far.
2 comments:
Looking at Merv's Weekly Index Chart, I think we are peaking at the 3rd stretch of an Elliot Wave. The 4th wave will last a short time (1-2 months?) and then the final 5th wave will take the index higher. Merv - how much merrit do you give to the Elliot Wave theroy?
I know of many technicians that swear by the Elliot Wave Theory. Others swear at it. For me, it is just too much work for one who is basically a lazy person who looks for the easy way to do things. I studied it to pass my CMT exams but have never used it in real life.
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