After The Close, 03 Sep 2009
Merv’s Daily Uranium Index
Market Data
Open: 161.11
High: 167.14
Low: 158.38
Close: 164.47
Volume: 4313
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 reasonable up day for the uranium stocks but the caution here is the decrease in volume, from yesterday’s low volume, as this does not portend to show any great speculative interest on the up side. The move may just be more due to a lack of sellers than an abundance of buyers.
The Merv’s Daily Uranium Index closed up by 4.87 points or 3.05%, one of the better upside moves in some time. There were 32 winners, 9 losers and 9 not in the game. I would have thought that all of the five largest stocks would be winners today but there was one loser in the bunch. Cameco gained 3.7%, First Uranium gained 7.2%, Paladin gained 1.5%, Uranium One was the lone loser with a loss of 0.4% and Uranium Participation gained 3.2%. The best winner on the day was Powerpoint Uranium with a gain of 14.3% while the loser on the day was Continental Precious with a minor loss of 5.3%.
Both the short and intermediate term momentum indicators have turned upwards but are still in their negative zones. Both also have moved above their trigger lines but again, in both cases, the triggers are still negative. The ratings for both time periods have still not changed and remain BEARISH. This may change with another upside day.
The long term has changed. The Index has moved once more above its long term moving average line and the line sloe has turned to the up side. The Daily Index momentum is still in its negative zone. It has turned upwards but is still just slightly below its negative trigger line. The rating, however, has been upgraded to a + NEUTRAL rating.
The direction of least resistance seems to be to the up side for now.
Merv’s Daily Uranium Index
Market Data
Open: 161.11
High: 167.14
Low: 158.38
Close: 164.47
Volume: 4313
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 reasonable up day for the uranium stocks but the caution here is the decrease in volume, from yesterday’s low volume, as this does not portend to show any great speculative interest on the up side. The move may just be more due to a lack of sellers than an abundance of buyers.
The Merv’s Daily Uranium Index closed up by 4.87 points or 3.05%, one of the better upside moves in some time. There were 32 winners, 9 losers and 9 not in the game. I would have thought that all of the five largest stocks would be winners today but there was one loser in the bunch. Cameco gained 3.7%, First Uranium gained 7.2%, Paladin gained 1.5%, Uranium One was the lone loser with a loss of 0.4% and Uranium Participation gained 3.2%. The best winner on the day was Powerpoint Uranium with a gain of 14.3% while the loser on the day was Continental Precious with a minor loss of 5.3%.
Both the short and intermediate term momentum indicators have turned upwards but are still in their negative zones. Both also have moved above their trigger lines but again, in both cases, the triggers are still negative. The ratings for both time periods have still not changed and remain BEARISH. This may change with another upside day.
The long term has changed. The Index has moved once more above its long term moving average line and the line sloe has turned to the up side. The Daily Index momentum is still in its negative zone. It has turned upwards but is still just slightly below its negative trigger line. The rating, however, has been upgraded to a + NEUTRAL rating.
The direction of least resistance seems to be to the up side for now.
3 comments:
Notice that the major lows around 4/20, 7/8, and 9/1 were progressively higher in price while being progressively more oversold based on the oscillator. That's an unusual divergence and could be a set-up for a decent reversal. Any thoughts?
Thats a very interesting observation. Just compared it to the S&P 500 for reference. It is indicating to me that there was a much greater appetite for risk earlier in the overall rally and these are higher beta plays, which greatly outperformed early, and underperformed later.
As the broad markets strengthened appetite for risk decreased as one might expect (at least in hindsight).
What does it mean? I am thinking that a break above 1050 on the S&P might increase appetite for risk once again, sending the index past the 190 reistance levels experienced at the end of May.
I look forward to Merv's T/A on your question though. It is an excellent one.
i really think you gotta bring out that aroon indicator for the cross. when it does, go long friends.
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