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 didn’t expect the down side today, at least not over the 1% mark. We ARE getting close to a rebound but it seems that the Index just is not responding. The short term momentum is now in the oversold zone from where many previous rebounds started so any day now. If I keep saying that sooner or later I will be right and THAT will be the prediction that I will remember. After all, I should know what is happening and being on the wrong side of a move is something that just goes above my head and gets lost. I count on short term memories by my readers.
The Merv’s Daily Uranium Index closed lower today by 2.40 points or 1.38%. There were only 7 winners, 40 losers and 3 stocks confused. Cameco lost 0.6%, First Uranium lost 0.5%, Paladin lost 1.7%, Uranium One lost 0.9% and uranium Participation lost 0.2%. The best winner of those 7 winners was RPT Uranium with a gain of 11.1% while the biggest loser of those 40 losers was Powerpoint Uranium with a loss of 14.6%. Market Vectors Nuclear Energy ETF lost 0.7%.
The various time periods just got a little more negative so I wouldn’t go into detail today. All three periods have BEARISH ratings.
As for the direction of least resistance, The Stochastic Oscillator which has been in its oversold zone for a few days now and is in the process of turning around has moved above its trigger line but has not yet moved above its oversold line. I expect that to come momentary and go with the up side as the direction of least resistance.