After The Close, 23 June 2009
Merv’s Daily Uranium Index
Market Data
Open: 165.19
High: 170.43
Low: 158.62
Close: 164.61
Volume: 6288
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Although a down day it was a very little down day. More like a lateral day. Shown today is a P&F chart. We can draw any number of P&F charts just by changing the value of the units used and/or changing the unit reversal criteria. This chart is more like a short term chart although due to the units and reversal criteria it might be seen as an intermediate term one. Anyway, let’s take a look at what this chart is telling us.
The primary trend of this chart is still positive. We do have our first reversal signal when the Index moved down to the 165 level thereby dropping below two previous lows. However, as you know I require a second signal to verify the first before calling the reversal valid. That second signal would be a move below the up trend line. Today’s action took the Index right on top of the up trend line. It needs to drop just another unit and we will have that second signal. Until then we have a first signal and therefore a cautionary position, say a NEUTRAL rating or more like a – NEUTRAL one.
A move to the 155 level would give us a downside projection to the 105 level, which is at the previous bottoming process. We’ll just have to wait and see what happens next.
The Merv’s Daily Uranium Index closed lower today but only by 0.83 points or 0.50%. However, the winners and losers were somewhat lopsided. There were 13 winners and 32 losers with 5 not knowing what to do. The five largest stocks were somewhat mixed. Cameco gained 5.2%, First Uranium lost 1.9%, Paladin gained 1.2%, Uranium One lost 2.6% and USEC lost 3.9%. The best winner was Crosshair Exploration with only a 5.4% gain while the worst loser was Uranium Energy with a loss of 18.6%.
On the intermediate term the Index remains below its moving average line and the line slope continues to turn more negative. The momentum indicator remains just above its neutral line but below its negative trigger line. The volume indicator has just inched its way below its trigger line but the trigger is still pointing upward. All in all, the BEARISH rating remains.
On the short term nothing has changed. The Index remains below its negative sloping moving average line and the momentum indicator remains in its negative zone below its negative trigger line. The daily volume action remains relatively low. The rating therefore remains BEARISH.
Today, I am going with my most popular direction of least resistance. That would be to the lateral. The plunge seems to have been halted, for now, and the Index looks as if it actually wants to move higher. Didn’t I say that the other day? Oh well, one of these days I’ll get it right.
Merv’s Daily Uranium Index
Market Data
Open: 165.19
High: 170.43
Low: 158.62
Close: 164.61
Volume: 6288
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Although a down day it was a very little down day. More like a lateral day. Shown today is a P&F chart. We can draw any number of P&F charts just by changing the value of the units used and/or changing the unit reversal criteria. This chart is more like a short term chart although due to the units and reversal criteria it might be seen as an intermediate term one. Anyway, let’s take a look at what this chart is telling us.
The primary trend of this chart is still positive. We do have our first reversal signal when the Index moved down to the 165 level thereby dropping below two previous lows. However, as you know I require a second signal to verify the first before calling the reversal valid. That second signal would be a move below the up trend line. Today’s action took the Index right on top of the up trend line. It needs to drop just another unit and we will have that second signal. Until then we have a first signal and therefore a cautionary position, say a NEUTRAL rating or more like a – NEUTRAL one.
A move to the 155 level would give us a downside projection to the 105 level, which is at the previous bottoming process. We’ll just have to wait and see what happens next.
The Merv’s Daily Uranium Index closed lower today but only by 0.83 points or 0.50%. However, the winners and losers were somewhat lopsided. There were 13 winners and 32 losers with 5 not knowing what to do. The five largest stocks were somewhat mixed. Cameco gained 5.2%, First Uranium lost 1.9%, Paladin gained 1.2%, Uranium One lost 2.6% and USEC lost 3.9%. The best winner was Crosshair Exploration with only a 5.4% gain while the worst loser was Uranium Energy with a loss of 18.6%.
On the intermediate term the Index remains below its moving average line and the line slope continues to turn more negative. The momentum indicator remains just above its neutral line but below its negative trigger line. The volume indicator has just inched its way below its trigger line but the trigger is still pointing upward. All in all, the BEARISH rating remains.
On the short term nothing has changed. The Index remains below its negative sloping moving average line and the momentum indicator remains in its negative zone below its negative trigger line. The daily volume action remains relatively low. The rating therefore remains BEARISH.
Today, I am going with my most popular direction of least resistance. That would be to the lateral. The plunge seems to have been halted, for now, and the Index looks as if it actually wants to move higher. Didn’t I say that the other day? Oh well, one of these days I’ll get it right.
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