Merv’s Daily Uranium Index
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Another down day and another one where the opening and closing prices were very close. The FAN PRINCIPLE continues to perform and should for at least the next few days. Volume is slowly coming back to its previous low level after the burst of activity in USEC yesterday. It will still take another day or two for the shock of yesterday to wear out.
The Merv’s Daily Uranium Index closed lower on the day by 2.61 points or 1.56%. There were 10 winners, 34 losers and 6 going nowhere. As for those five largest stocks, all were in the negative camp. Cameco lost 1.8%, First Uranium lost 0.8%, Paladin lost 5.4%, Uranium One lost 3.0% and USEC lost another 7.4% after yesterday’s massive drop. The best daily performer today was East Asia Minerals with a gain of 30.0% while the worst daily performer was Wescan Goldfields with a loss of 14.3%.
Both the intermediate and short term were BEARISH yesterday and there was no change today, so, being somewhat lazy I think I’ll leave it at that.
As for the immediate direction of least resistance, well I guess I’ll just have to go with the flow and pick the down side for tomorrow. The very short term moving average line has turned sharply downward, as could be expected and the Stochastic Oscillator is in its negative zone heading lower real fast.