After The Close, 20 May 2009
Merv’s Daily Uranium Index
Market Data
Open: 185.74
High: 191.89
Low: 180.68
Close: 184.08
Volume: 6957
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, we’re now up to two days in a row on the up side. These run-away markets can’t last long. Unfortunately, it does look like the Daily Index wants to move lower. The previous recent high at 195 seems to be setting itself up as a resistance. We should know within the next day or two, like before the week-end if we are or are not in a reversal situation. The normal indicators are not yet in a reversal mode but the action today seems to suggest some weakness coming into the market near the end of the day. Maybe it will not carry over into tomorrow but we’ll have to wait and see. In the mean time let’s go through our normal routine.
The Merv’s Daily Uranium Index closed higher by 1.28 points or 0.70%. There were 19 winners, 23 losers and 8 going nowhere. The larger number of losers makes sense when we see that the AVERAGE price of a component stock lost 0.1%, not much but a downside number in any case. Of the five largest stocks only one was on the down side. Cameco gained 1.4%, First Uranium gained 0.3%, Paladin gained 1.4%, Uranium One was the lone loser with a loss of 1.6% and USEC gained 2.6%. The best winner on the day was Uranium Energy with a gain of 22.9% while the worst loser was Xemplar Energy with a loss of 13.9%.
With the Daily Index being so far ahead of its moving average line not much has changed in the intermediate term. The Index remains above its positive moving average line and the momentum indicator remains in its positive zone although it is very slightly below its negative trigger line. The volume indicator, although tracking a basically lateral path, has an upside bias and entered new all time highs today. For now the only rating remains a BULLISH rating.
On the short term we are getting some whip-saw effects but nothing serious. The Index closed above its moving average line and the line is pointing upwards. The momentum indicator remains in its positive zone and remains just above its positive trigger line. The daily volume activity is not all that great but it isn’t pathetic either. For the short term the rating remains BULLISH.
As for the direction of least resistance, I will remain with the lateral as I don’t see any significant move yet. From the daily action the odds seem to be in favor of a downside move but even so I don’t think it will be a large one.
Merv’s Daily Uranium Index
Market Data
Open: 185.74
High: 191.89
Low: 180.68
Close: 184.08
Volume: 6957
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, we’re now up to two days in a row on the up side. These run-away markets can’t last long. Unfortunately, it does look like the Daily Index wants to move lower. The previous recent high at 195 seems to be setting itself up as a resistance. We should know within the next day or two, like before the week-end if we are or are not in a reversal situation. The normal indicators are not yet in a reversal mode but the action today seems to suggest some weakness coming into the market near the end of the day. Maybe it will not carry over into tomorrow but we’ll have to wait and see. In the mean time let’s go through our normal routine.
The Merv’s Daily Uranium Index closed higher by 1.28 points or 0.70%. There were 19 winners, 23 losers and 8 going nowhere. The larger number of losers makes sense when we see that the AVERAGE price of a component stock lost 0.1%, not much but a downside number in any case. Of the five largest stocks only one was on the down side. Cameco gained 1.4%, First Uranium gained 0.3%, Paladin gained 1.4%, Uranium One was the lone loser with a loss of 1.6% and USEC gained 2.6%. The best winner on the day was Uranium Energy with a gain of 22.9% while the worst loser was Xemplar Energy with a loss of 13.9%.
With the Daily Index being so far ahead of its moving average line not much has changed in the intermediate term. The Index remains above its positive moving average line and the momentum indicator remains in its positive zone although it is very slightly below its negative trigger line. The volume indicator, although tracking a basically lateral path, has an upside bias and entered new all time highs today. For now the only rating remains a BULLISH rating.
On the short term we are getting some whip-saw effects but nothing serious. The Index closed above its moving average line and the line is pointing upwards. The momentum indicator remains in its positive zone and remains just above its positive trigger line. The daily volume activity is not all that great but it isn’t pathetic either. For the short term the rating remains BULLISH.
As for the direction of least resistance, I will remain with the lateral as I don’t see any significant move yet. From the daily action the odds seem to be in favor of a downside move but even so I don’t think it will be a large one.
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