Merv’s Daily Uranium Index
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
I guess it was too much to ask for to have the Daily Index continue to move higher. Although the Index closed lower versus yesterday most of today’s action was within or a little above yesterday’s trading range. So for now we just might look at this as a brief rest period before a continuation (finger’s crossed).
The Merv’s Daily Uranium Index closed lower by 1.21 points or 0.67%. There were 20 winners, 26 losers and 4 not going anywhere fast (of course the winners and losers weren’t going anywhere fast either). The top five by market value were mostly in the dumper, except for Cameco. Cameco gained 0.8%, First Uranium lost 4.5%, Paladin lost 0.5%, Uranium One lost 4.2% and Uranium Participation lost 0.7%. The best winner of the day, and the only double digit mover, was Pele Mountain with a gain of 20.0%. The loser of the day was Benton with a loss of 8.1%. Market Vectors Nuclear Energy ETF lost 0.6%.
Again, nothing has changed today from the previous analysis so I’ll just summarize and say that everything on the short and intermediate term was positive and the rating for both periods was BULLISH.
The aggressive Stochastic Oscillator has now entered its overbought zone and one can now expect some rest or reaction to set in. It might have started with today’s action. For the immediate direction of least resistance I will go with the lateral as it looks like we are into a transition from up to down. If we go into a downer there are no indications yet that it would be of a serious nature.