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.
The uranium stocks were lower again today but as yet I don’t see a plunge ahead. I would expect another couple of days of basically sideways motion, a little up, a little down without the Index really going anywhere in particular. Of course, I can change that assessment quickly if the market action should justify it.
The Merv’s Daily Uranium Index closed lower by 0.58 points or 0.34%. There were 15 winners, 26 losers and 9 just fast asleep. Cameco gained 0.4%, First Uranium gained 8.3%, Paladin was fast asleep, Uranium One lost 1.0% and Uranium Participation lost 0.8%. The best winner of the day was First Uranium with that 8.3% gain while the loser of the day was Terra Ventures with a loss of 8.9%. Market Vectors Nuclear Energy ETF closed ahead by 0.4%.
As nothing much has changed in the indicators or ratings so I’ll just take the easy way out and say, “check yesterday’s commentary for details”. The intermediate term remains BEARISH while the short term remains BULLISH. The short term, however, is getting very close to some downsizing should we have much more down side action.
As for the immediate direction of least resistance, I’ll continue with the lateral direction for another day as I do not really see any major move up or down (although the pressure is towards the down side).