After The Close, 14 July 2009
Merv’s Daily Uranium Index
Market Data
Open: 161.25
High: 166.55
Low: 158.09
Close: 163.78
Volume: 3791
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
This time the “box” turns out to be a down trending channel. We are in a short rally which may end at the upper channel line or may break through and continue upwards. Except for the weak volume action, other indicators suggest that the channel will be broken in a day or two. Let’s hope so and see much higher prices. Unfortunately, hope is nice but in the end we must follow the trend.
The Merv’s Daily Uranium Index closed on the up side by 4.30 points or 2.70%. Not bad but could be better. There were 31 winners, 11 losers and 8 going nowhere. Of the five largest stocks, Cameco gained 0.5%, First Uranium lost 0.6%, Paladin gained 1.0%, Uranium One gained 0.4% and USEC was a real winner with a gain of 15.0%. The best winner of the day, however, was East Asia Minerals with a gain of 18.3% while the loser on the day was Xemplar Energy with a loss of 8.8%.
The intermediate term is still some distance from turning bullish but it’s getting close to an up grade. The Index is still some distance below a negative moving average line and the momentum indicator remains in its negative zone. The momentum indicator has, however, moved above its trigger line although the trigger is still pointing downward. The momentum also finished the day barely below its neutral line so one more up day and it will be in positive territory. Although the volume indicator is moving slowly higher it is still below its negative trigger line. All in all, the intermediate term rating remains BEARISH.
Things are also starting to look up on the short term although there has not been any ratings upgrade yet. The Daily Index closed just a hair under its moving average line. The line slope, although still negative, has turned almost full to the up side, but not quite. The momentum indicator is moving sharply higher and is above its positive sloping trigger line but still inside its negative zone. Another day should do it. The daily volume is a hold out. It is very low and causes one to be concerned for the longevity of this latest rally attempt. For now the short term rating still remains BEARISH.
As for the direction of least resistance, that continues to be to the up side. The aggressive Stochastic Oscillator is sharply higher and in its positive zone. The Daily Index is above its positive sloping very short term moving average line, although the line is still below the short term line and not yet a confirmation of a positive short term trend. Another up day and we should be at the upper channel line. Then we’ll just have to wait and see if the Index breaks through.
Merv’s Daily Uranium Index
Market Data
Open: 161.25
High: 166.55
Low: 158.09
Close: 163.78
Volume: 3791
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
This time the “box” turns out to be a down trending channel. We are in a short rally which may end at the upper channel line or may break through and continue upwards. Except for the weak volume action, other indicators suggest that the channel will be broken in a day or two. Let’s hope so and see much higher prices. Unfortunately, hope is nice but in the end we must follow the trend.
The Merv’s Daily Uranium Index closed on the up side by 4.30 points or 2.70%. Not bad but could be better. There were 31 winners, 11 losers and 8 going nowhere. Of the five largest stocks, Cameco gained 0.5%, First Uranium lost 0.6%, Paladin gained 1.0%, Uranium One gained 0.4% and USEC was a real winner with a gain of 15.0%. The best winner of the day, however, was East Asia Minerals with a gain of 18.3% while the loser on the day was Xemplar Energy with a loss of 8.8%.
The intermediate term is still some distance from turning bullish but it’s getting close to an up grade. The Index is still some distance below a negative moving average line and the momentum indicator remains in its negative zone. The momentum indicator has, however, moved above its trigger line although the trigger is still pointing downward. The momentum also finished the day barely below its neutral line so one more up day and it will be in positive territory. Although the volume indicator is moving slowly higher it is still below its negative trigger line. All in all, the intermediate term rating remains BEARISH.
Things are also starting to look up on the short term although there has not been any ratings upgrade yet. The Daily Index closed just a hair under its moving average line. The line slope, although still negative, has turned almost full to the up side, but not quite. The momentum indicator is moving sharply higher and is above its positive sloping trigger line but still inside its negative zone. Another day should do it. The daily volume is a hold out. It is very low and causes one to be concerned for the longevity of this latest rally attempt. For now the short term rating still remains BEARISH.
As for the direction of least resistance, that continues to be to the up side. The aggressive Stochastic Oscillator is sharply higher and in its positive zone. The Daily Index is above its positive sloping very short term moving average line, although the line is still below the short term line and not yet a confirmation of a positive short term trend. Another up day and we should be at the upper channel line. Then we’ll just have to wait and see if the Index breaks through.
3 comments:
When do you anticipate the new trading software will be ready for release?
CP
Hopefully in October
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