After The Close, 27 July 2009
Merv’s Daily Uranium Index
Market Data
Open: 172.99
High: 176.66
Low: 169.54
Close: 173.59
Volume: 4625
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
For 11 out of the last 19 days the Daily Index closed above the 170 mark and yet at no time during those 19 days had the Daily low inched its way above the 170 level. So, what does this mean? Probably that some of us technicians have too much time on their hands.
The Merv's Daily Uranium Index closed up just a tiny amount. It was up 0.86 points or 0.50%. If it only continued these minor moves in a straight direction we might get somewhere but with the up and down bouncing of the Index we are not going anywhere fast, at least not yet. It was almost a 50/50 day in the winners and losers circle. 22 winners, 20 losers and 8 still scratching their heads wondering which way to go. Those five largest stocks were basically on the up side, although not all of them. Cameco gained 1.0%, First Uranium was the big loser of the five with a loss of 0.3%, Paladin gained 1.6%, Uranium One gained 5.8% and USEC gained 2.7%. The best daily winner was Quaterra with a gain of 9.1% while the loser on the day was Strathmore Minerals with a loss of 8.3%.
It’s getting close but absolutely nothing has changed from the intermediate term perspective. The rating remains at a – NEUTRAL rating.
The same for the short term, no change today. The short term rating remains BULLISH.
As for the immediate direction of least resistance, I will continue with the lateral direction although the Stochastic Oscillator, which had been heading lower, is now moving upwards while still in the positive zone. There seems to be some upward strength but I’ll stick with the lateral for another day.
Merv’s Daily Uranium Index
Market Data
Open: 172.99
High: 176.66
Low: 169.54
Close: 173.59
Volume: 4625
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
For 11 out of the last 19 days the Daily Index closed above the 170 mark and yet at no time during those 19 days had the Daily low inched its way above the 170 level. So, what does this mean? Probably that some of us technicians have too much time on their hands.
The Merv's Daily Uranium Index closed up just a tiny amount. It was up 0.86 points or 0.50%. If it only continued these minor moves in a straight direction we might get somewhere but with the up and down bouncing of the Index we are not going anywhere fast, at least not yet. It was almost a 50/50 day in the winners and losers circle. 22 winners, 20 losers and 8 still scratching their heads wondering which way to go. Those five largest stocks were basically on the up side, although not all of them. Cameco gained 1.0%, First Uranium was the big loser of the five with a loss of 0.3%, Paladin gained 1.6%, Uranium One gained 5.8% and USEC gained 2.7%. The best daily winner was Quaterra with a gain of 9.1% while the loser on the day was Strathmore Minerals with a loss of 8.3%.
It’s getting close but absolutely nothing has changed from the intermediate term perspective. The rating remains at a – NEUTRAL rating.
The same for the short term, no change today. The short term rating remains BULLISH.
As for the immediate direction of least resistance, I will continue with the lateral direction although the Stochastic Oscillator, which had been heading lower, is now moving upwards while still in the positive zone. There seems to be some upward strength but I’ll stick with the lateral for another day.
2 comments:
Good point Merv.....looks like at this rate we are going to end up with a real nice horizontal channel with the 15 and 65 day. Looks like the bottom at 169 and a top at 172....killing me...
Talk about dragging out a move huh?
Well, I dont believe you have too much time on your hands - not after a basement flood. Thanks for the updates.
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