After The Close, 15 June 2009
Merv’s Daily Uranium Index
Market Data
Open: 186.21
High: 188.97
Low: 177.07
Close: 181.42
Volume: 6530
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, I guess I was asking for it but it came in the wrong direction. All is not yet lost but the action today was somewhat disconcerting. Maybe it was only “going with the flow”, with the rest of the market. The day’s effect was felt on the short term indicators but not yet on the intermediate term. However, even the intermediate term can’t stand many days like today.
The Merv’s Daily Uranium Index closed down on the day by 7.64 points or 4.04%. There were only 7 winners, 40 losers and 3 that were totally confused. One winner ruined a perfect down day for those five largest stocks. Cameco lost 4.9%, First Uranium lost 1.6%, Paladin lost 5.1%, Uranium One gained 3.9% and USEC lost 9.0%. The best winner was Rockgate Capital with a gain of 15.6% while the worst loser was East Asia Minerals with a loss of 12.9%. Maybe all is not lost if the best winner can still gain more than the worst loser can lose.
On the intermediate term the Daily Index is still above its positive moving average line but they are closing the gap fast. The momentum indicator remains in its positive zone but is moving lower and is below its negative trigger line. The momentum has also dropped below its short support level showing a little more weakness than is shown by the Index. The volume indicator is still way up there and above its positive trigger line. All in all the intermediate term rating remains BULLISH.
As for the short term, boy things change fast. The Index is now suddenly below its moving average line and the line slope has turned downward. The momentum indicator has dropped into its negative zone and is below its negative trigger line. I’m not yet sure how to read the daily volume action so let’s just say it is neutral. However, the short term rating has now reversed to the fully BEARISH side.
As for the immediate direction of least resistance, despite the negative Index move today, and the 40 losers, I will stick with the lateral direction as the trend of least resistance. Although the Index did drop 4% it closed very close to the middle of its daily trading range. That suggests that at the end of the day the move may have halted and maybe even advanced towards the close. We’ll see tomorrow.
Merv’s Daily Uranium Index
Market Data
Open: 186.21
High: 188.97
Low: 177.07
Close: 181.42
Volume: 6530
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, I guess I was asking for it but it came in the wrong direction. All is not yet lost but the action today was somewhat disconcerting. Maybe it was only “going with the flow”, with the rest of the market. The day’s effect was felt on the short term indicators but not yet on the intermediate term. However, even the intermediate term can’t stand many days like today.
The Merv’s Daily Uranium Index closed down on the day by 7.64 points or 4.04%. There were only 7 winners, 40 losers and 3 that were totally confused. One winner ruined a perfect down day for those five largest stocks. Cameco lost 4.9%, First Uranium lost 1.6%, Paladin lost 5.1%, Uranium One gained 3.9% and USEC lost 9.0%. The best winner was Rockgate Capital with a gain of 15.6% while the worst loser was East Asia Minerals with a loss of 12.9%. Maybe all is not lost if the best winner can still gain more than the worst loser can lose.
On the intermediate term the Daily Index is still above its positive moving average line but they are closing the gap fast. The momentum indicator remains in its positive zone but is moving lower and is below its negative trigger line. The momentum has also dropped below its short support level showing a little more weakness than is shown by the Index. The volume indicator is still way up there and above its positive trigger line. All in all the intermediate term rating remains BULLISH.
As for the short term, boy things change fast. The Index is now suddenly below its moving average line and the line slope has turned downward. The momentum indicator has dropped into its negative zone and is below its negative trigger line. I’m not yet sure how to read the daily volume action so let’s just say it is neutral. However, the short term rating has now reversed to the fully BEARISH side.
As for the immediate direction of least resistance, despite the negative Index move today, and the 40 losers, I will stick with the lateral direction as the trend of least resistance. Although the Index did drop 4% it closed very close to the middle of its daily trading range. That suggests that at the end of the day the move may have halted and maybe even advanced towards the close. We’ll see tomorrow.
1 comment:
Merv,
It did feel like the volume picked up after the down moves in alot of the U's today.
I read it as spec buyers entering and a possible bottom as we have experienced since January.
I guess we will have to wait and see what happens.
Post a Comment