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.
The action today started on the down side but then turned around, tried for new highs but fell back by the end of the day. In the end the Merv’s Daily Uranium Index closed on the up side by a measly 0.12 points or 0.07%. However, the average price of a component stock actually closed on the down side by 1.53%. This reflects the influence of the smaller stocks which seemed to take a generally greater hit today than did the higher priced stocks. The market breadth also confirms the general weakness today. There were 17 winners and 30 losers with only 3 stocks being confused. The almost 2 to 1 ration of losers to winners tells us it was not such a great day. As for those five largest stocks, well they were mixed. Cameco gained 1.8%, First Uranium lost 4.5%, Paladin lost 2.1%, Uranium One lost 1.7% and Uranium Participation gained 1.7%. The best winner on the day was Alberta Star with a gain of 12.9%. The worst loser was Bannerman with a loss of 16.7%.
Nothing in the indicators has changed since the week-end so I wouldn’t go through the routine today. Suffice it to say that both the short and intermediate term ratings remain BULLISH.
As for the immediate direction of least resistance, it looks like that would be to the down side with the Stochastic Oscillator continuing to move lower after the turn from its overbought zone.