After The Close, 02 Sep 2009
Merv’s Daily Uranium Index
Market Data
Open: 156.94
High: 162.92
Low: 154.12
Close: 159.60
Volume: 5143
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
It looks like we might have our bounce or rally but today was only a minor start. We need far better upside action for any decent longevity. Although the Index is still above that early July support both the volume indicator and the momentum indicator have breached their respective lows. The suggestion appears to be that the Index is not fully reflecting the negativeness (is that a word?) of the market. Only time will tell if these indicators are giving us the true story or if the Index is really slightly stronger than the indicators may show. I usually go with the indicators but not always.
The Merv’s Daily Uranium Index closed up on the day by 1.93 points or 1.23%. There were 23 winners, 20 losers and 7 lateral movers. Is it just my imagination or do we get a hell of a lot fewer winners on up days than we get losers on down days? The top 5 stocks were mixed. Cameco lost 2.1%, First Uranium gained 2.3%, Paladin lost 0.5%, Uranium One gained 2.1% and Uranium Participation gained 4.8%. The best winner of the day was Crosshair Exploration with a gain of 23.1% while the loser of the day was Purepoint Uranium with a loss of 7.7%.
Nothing has changed today despite the slight up move in the Index. I wouldn’t go through the routine but all time periods continue to have BEARISH ratings.
It looks like the upside may see a few more days of action. The Stochastic Oscillator has turned upwards and has crossed above its trigger line. The SO is still in its negative zone, however, and the slope of the trigger is still negative but this may be the very beginning of a rally. The direction of least resistance appears to be to the up side but I’ll go with my lateral trend.
Merv’s Daily Uranium Index
Market Data
Open: 156.94
High: 162.92
Low: 154.12
Close: 159.60
Volume: 5143
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
It looks like we might have our bounce or rally but today was only a minor start. We need far better upside action for any decent longevity. Although the Index is still above that early July support both the volume indicator and the momentum indicator have breached their respective lows. The suggestion appears to be that the Index is not fully reflecting the negativeness (is that a word?) of the market. Only time will tell if these indicators are giving us the true story or if the Index is really slightly stronger than the indicators may show. I usually go with the indicators but not always.
The Merv’s Daily Uranium Index closed up on the day by 1.93 points or 1.23%. There were 23 winners, 20 losers and 7 lateral movers. Is it just my imagination or do we get a hell of a lot fewer winners on up days than we get losers on down days? The top 5 stocks were mixed. Cameco lost 2.1%, First Uranium gained 2.3%, Paladin lost 0.5%, Uranium One gained 2.1% and Uranium Participation gained 4.8%. The best winner of the day was Crosshair Exploration with a gain of 23.1% while the loser of the day was Purepoint Uranium with a loss of 7.7%.
Nothing has changed today despite the slight up move in the Index. I wouldn’t go through the routine but all time periods continue to have BEARISH ratings.
It looks like the upside may see a few more days of action. The Stochastic Oscillator has turned upwards and has crossed above its trigger line. The SO is still in its negative zone, however, and the slope of the trigger is still negative but this may be the very beginning of a rally. The direction of least resistance appears to be to the up side but I’ll go with my lateral trend.
No comments:
Post a Comment