After The Close, 10 June 2009
Merv’s Daily Uranium Index
Market Data
Open: 191.25
High: 193.64
Low: 183.97
Close: 188.05
Volume: 9859
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
The Daily Index is still in the box but it seems that it’s taking up more of the room at the upper half of the box rather than the middle. We now have a short term up trend line inside the box. Will this end with the Index taking off to the up side? We’ll just have to wait and see.
The Merv’s Daily Uranium Index closed the day on the up side by a whole 0.06 points or 0.03%. WOW!. The old heart wouldn’t be able to stand such volatile activity too often. There were 22 winners, 24 losers and 4 doing nothing. Of the five largest stocks no one did much of anything. Cameco gained 0.6%, First Uranium lost 0.8%, Paladin gained 0.7%, Uranium One lost a whopping 1.8% and USEC gained 0.8%. The best of the bunch was CanAlaska Uranium with a gain of 9.1% and the worst of the bunch was Purepoint Uranium with a loss of 9.1%.
The Index started off well on the up side but stumbled very quickly and ended the day just about at its mid trading range. This did nothing for the various intermediate term indicators. They all remained where they were yesterday. The only real change was the volume indicator. It continued to move higher and once more moved into new all time highs. Speculative interest continues to the up side. The intermediate term rating remained BULLISH.
The short term indicators have also remained basically unchanged. The short term rating remains BULLISH.
The immediate direction of least resistance also remains what it was yesterday, i.e. the lateral direction. Nothing in today’s action is screaming anything different.
I keep hoping to show some individual stocks of interest but unfortunately food on the table, shoes on the feet and cloths on the body have priority. Speculators should go to any of the various chart web sites and review the stocks they might be interested in. Remember the suggestion about the short term moving average crossing the intermediate term for a signal or if the short term is already above the intermediate term but the price is below the short term average, wait for the price to climb above the moving average. This should get you in should the move start in your particular stock. HOWEVER, always remember that things can go wrong and it is advisable to be out of the stock if the short term average drops below the intermediate term average, and particularly if the intermediate term average slope has turned down.
Merv’s Daily Uranium Index
Market Data
Open: 191.25
High: 193.64
Low: 183.97
Close: 188.05
Volume: 9859
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
The Daily Index is still in the box but it seems that it’s taking up more of the room at the upper half of the box rather than the middle. We now have a short term up trend line inside the box. Will this end with the Index taking off to the up side? We’ll just have to wait and see.
The Merv’s Daily Uranium Index closed the day on the up side by a whole 0.06 points or 0.03%. WOW!. The old heart wouldn’t be able to stand such volatile activity too often. There were 22 winners, 24 losers and 4 doing nothing. Of the five largest stocks no one did much of anything. Cameco gained 0.6%, First Uranium lost 0.8%, Paladin gained 0.7%, Uranium One lost a whopping 1.8% and USEC gained 0.8%. The best of the bunch was CanAlaska Uranium with a gain of 9.1% and the worst of the bunch was Purepoint Uranium with a loss of 9.1%.
The Index started off well on the up side but stumbled very quickly and ended the day just about at its mid trading range. This did nothing for the various intermediate term indicators. They all remained where they were yesterday. The only real change was the volume indicator. It continued to move higher and once more moved into new all time highs. Speculative interest continues to the up side. The intermediate term rating remained BULLISH.
The short term indicators have also remained basically unchanged. The short term rating remains BULLISH.
The immediate direction of least resistance also remains what it was yesterday, i.e. the lateral direction. Nothing in today’s action is screaming anything different.
I keep hoping to show some individual stocks of interest but unfortunately food on the table, shoes on the feet and cloths on the body have priority. Speculators should go to any of the various chart web sites and review the stocks they might be interested in. Remember the suggestion about the short term moving average crossing the intermediate term for a signal or if the short term is already above the intermediate term but the price is below the short term average, wait for the price to climb above the moving average. This should get you in should the move start in your particular stock. HOWEVER, always remember that things can go wrong and it is advisable to be out of the stock if the short term average drops below the intermediate term average, and particularly if the intermediate term average slope has turned down.
3 comments:
Hi Merv, I understand that if the short term MA drops below the Mid term MA to get out of the position. Is there a strategic place to put a stop on these stocks so it is near that event?
If I do place a stop, it may trigger before the short term MA drops below the mid term. Thanks and great work on the analysis as usual.
I expect to have a continuing discussion (one way, of course)on the simple moving average criteria shortly. I have just given the very basics so far. Some additional criteria are available to try and elliminate the whip-saw effect that often occurs when a short term crosses the intermediate term and then reverses back. With these additional criteria the simple crossing does not automatically issue a sell.
In the mean time if you are a short term trader then you should have been out before the cross, if you are an intermediate term speculator then waiting for the intermediate term moving average line to turn down may be your best bet for a stop loss. This requires daily checking and not giving your broker an advance sell point.
Thanks for the reply Merv, I look forward to reading the info that you have on selling points using technical analysis.
You mentioned that if I were a short term trader, that I should have been out before the crossover. Is there a specific selling indicator for that?
Anyway, as far as Uranium, I'm more of a intermediate term speculator. I don't want to be 'whip sawed' and sell off just to have the stock move back up again.
We are in general, a Uranium bull market as far as I can see. But these particular stocks are volatile and it take some nerve and guts to stay with them.
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