After The Close, 04 Aug 2009
Merv’s Daily Uranium Index
Market Data
Open: 174.49
High: 178.48
Low: 171.29
Close: 175.22
Volume: 6488
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Let’s just look at the good side. The Index confirmed the FAN bullish signal by closing above the third FAN trend line. It also closed above all of its moving average lines although the intermediate term line has not quite turned around. AND, for the first time in 24 trading days the low of the day was above the 170 level AND the close was above all previous closes (of the past 24 days).
Now, what is the bad side? Well, there is still another resistance level to overcome, at the 180 level. It would also be nice if the daily volume action would perk up just a little bit more. Picky, Picky.
The Merv’s Daily Uranium Index closed up 6.87 points or 4.08% and it’s about time. There were 32 winners, 14 losers and only 4 not knowing which way to go. Of the five largest stocks, there was one loser. Cameco gained 4.4%, First Uranium lost 1.8%, Paladin gained 3.9%, Uranium One gained 2.4% and USEC came somewhat alive and gained 10.9%. The best winner on the day, however, was Forsys Metals with a gain of 36.3% while the loser on the day was East Asia Minerals with a small loss of 6.1%.
With the sharp Index move the intermediate term indicators have come alive. The Index closed above its moving average line, however, the line slope remains just barely negative. Tomorrow should see this as a positive slope. The momentum indicator continues to move higher inside its positive zone and above its positive trigger line. The volume indicator is still basically in a lateral trend but has moved higher and above its trigger line. The trigger is still slightly negative in slope. That was fast, the intermediate term rating has now jumped all the way to a BULLISH rating despite the Index moving average line still sloping downward. It must be that anticipation of tomorrow.
On the short term everything is A-OKAY. The Index is above its positive sloping moving average line and the line is sloping upward. The momentum indicator is inside its positive zone above a positive trigger line. Only the daily volume could be a little bit better. All in all, the short term is BULLISH.
As for the immediate direction of least resistance, I guess I have to go with the up side, although the Stochastic Oscillator has not acted as bullish as has the Index today. It is in its positive zone but its move today looked a little stilted. Well, we’ll see tomorrow.
Merv’s Daily Uranium Index
Market Data
Open: 174.49
High: 178.48
Low: 171.29
Close: 175.22
Volume: 6488
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Let’s just look at the good side. The Index confirmed the FAN bullish signal by closing above the third FAN trend line. It also closed above all of its moving average lines although the intermediate term line has not quite turned around. AND, for the first time in 24 trading days the low of the day was above the 170 level AND the close was above all previous closes (of the past 24 days).
Now, what is the bad side? Well, there is still another resistance level to overcome, at the 180 level. It would also be nice if the daily volume action would perk up just a little bit more. Picky, Picky.
The Merv’s Daily Uranium Index closed up 6.87 points or 4.08% and it’s about time. There were 32 winners, 14 losers and only 4 not knowing which way to go. Of the five largest stocks, there was one loser. Cameco gained 4.4%, First Uranium lost 1.8%, Paladin gained 3.9%, Uranium One gained 2.4% and USEC came somewhat alive and gained 10.9%. The best winner on the day, however, was Forsys Metals with a gain of 36.3% while the loser on the day was East Asia Minerals with a small loss of 6.1%.
With the sharp Index move the intermediate term indicators have come alive. The Index closed above its moving average line, however, the line slope remains just barely negative. Tomorrow should see this as a positive slope. The momentum indicator continues to move higher inside its positive zone and above its positive trigger line. The volume indicator is still basically in a lateral trend but has moved higher and above its trigger line. The trigger is still slightly negative in slope. That was fast, the intermediate term rating has now jumped all the way to a BULLISH rating despite the Index moving average line still sloping downward. It must be that anticipation of tomorrow.
On the short term everything is A-OKAY. The Index is above its positive sloping moving average line and the line is sloping upward. The momentum indicator is inside its positive zone above a positive trigger line. Only the daily volume could be a little bit better. All in all, the short term is BULLISH.
As for the immediate direction of least resistance, I guess I have to go with the up side, although the Stochastic Oscillator has not acted as bullish as has the Index today. It is in its positive zone but its move today looked a little stilted. Well, we’ll see tomorrow.
1 comment:
Thanks for the update as always.
I will feel alot better when the 15day line actually crosses over the 65 day. I always get concerned about days like today, being a head fake, and like to see the move sustained for a couple days, as I think it helps attract more capital, of course pushing prices higher.
I have also been using a 3/10 day as well as a 10/30 day to try and get earlier looks at what is occuring. It creates more whipsawing and requires that you be more nimble, but it has been helpful in seeing moves or directions a bit earlier.
I think I will use the shorter frames on exits to try and protect profits in the future. Just something I have been playing around with.
Signed one of your loyal and infamous followers,
Anonymous. :>)
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