After The Close, 29 Sep 2009
Merv’s Daily Uranium Index
Market Data
Open: 172.42
High: 174.68
Low: 167.77
Close: 170.16
Volume: 5544
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Finally, a little up tick in the price of uranium. It’s up a full $0.75 today. Unfortunately, it has done nothing for the stocks, most of which were down on the day, if only just a smidgeon.
The Merv’s Daily Uranium Index closed lower by 1.89 points or 1.10%. There were 15 winners, 21 losers and a pile of stocks (14) totally confused and going nowhere. The five largest stocks were mostly on the losing side. Cameco lost 1.4%, First Uranium was a confused stock going nowhere, Paladin lost 1.9%, Uranium One lost 2.4% and Uranium Participation lost 0.2%. The best winner on the day was Purepoint with a gain of 20.0% while the loser on the day was Denison Mines with a loss of 8.4%.
The Daily Index closed below its intermediate term moving average line and the line is turning into the negative but has not quite made it. It is horizontal, neither a positive nor a negative slope but it was positive the previous day. The momentum indicator continues just above its neutral line in the positive zone but below its negative sloping trigger line. The volume indicator continues to move lower below its now negative sloping trigger line. With that moving average slope not quite into the negative I cannot rate the intermediate term as fully bearish but it is – NEUTRAL, one step above a full bear. Let’s see what tomorrow brings.
On the short term the Index closed below its negative sloping moving average line and the momentum indicator continues in its negative zone below its negative sloping trigger line. The daily volume perked up a little on a down day, which is not good. On the whole, the short term rating remains BEARISH.
A commenter asked about UUU and UEX, if they were showing a wedge formation. Although both stocks seem to be showing a support I WOULD NOT try to assume any wedge formation out of their charts. A wedge should be very easy to spot and is usually a continuation pattern. The best wedge patterns are relatively short in their formation, say a week to three. It often occurs mid-way into its eventual move. This would be the only way for guessing any type of projection from wedge patterns.
Merv’s Daily Uranium Index
Market Data
Open: 172.42
High: 174.68
Low: 167.77
Close: 170.16
Volume: 5544
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Finally, a little up tick in the price of uranium. It’s up a full $0.75 today. Unfortunately, it has done nothing for the stocks, most of which were down on the day, if only just a smidgeon.
The Merv’s Daily Uranium Index closed lower by 1.89 points or 1.10%. There were 15 winners, 21 losers and a pile of stocks (14) totally confused and going nowhere. The five largest stocks were mostly on the losing side. Cameco lost 1.4%, First Uranium was a confused stock going nowhere, Paladin lost 1.9%, Uranium One lost 2.4% and Uranium Participation lost 0.2%. The best winner on the day was Purepoint with a gain of 20.0% while the loser on the day was Denison Mines with a loss of 8.4%.
The Daily Index closed below its intermediate term moving average line and the line is turning into the negative but has not quite made it. It is horizontal, neither a positive nor a negative slope but it was positive the previous day. The momentum indicator continues just above its neutral line in the positive zone but below its negative sloping trigger line. The volume indicator continues to move lower below its now negative sloping trigger line. With that moving average slope not quite into the negative I cannot rate the intermediate term as fully bearish but it is – NEUTRAL, one step above a full bear. Let’s see what tomorrow brings.
On the short term the Index closed below its negative sloping moving average line and the momentum indicator continues in its negative zone below its negative sloping trigger line. The daily volume perked up a little on a down day, which is not good. On the whole, the short term rating remains BEARISH.
A commenter asked about UUU and UEX, if they were showing a wedge formation. Although both stocks seem to be showing a support I WOULD NOT try to assume any wedge formation out of their charts. A wedge should be very easy to spot and is usually a continuation pattern. The best wedge patterns are relatively short in their formation, say a week to three. It often occurs mid-way into its eventual move. This would be the only way for guessing any type of projection from wedge patterns.
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