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 started the day on a real negative move but by the end of the day the close was slightly positive. This could be what technicians look at and often call a one day reversal day. The next day is then expected to be on the up side. It’s going to be interesting to see if that is so. One little bit of cautionary note is that a good portion of the Index was a result of one stock, First Uranium. Without the First Uranium move the Index would have closed very slightly lower. On the other hand the First Uranium move just might get more speculators to wake up and get into the market again.
The Merv’s Daily Uranium Index closed higher by 0.63 points or 0.37%. There were 18 winners, 24 losers and 8 slackers. Cameco lost 1.2%, First Uranium gained 39.2% (WOW), Paladin lost 1.1%, Uranium One was a slacker and Uranium Participation gained 0.2%. The best winner of the day was, of course, First Uranium with that 39.2% gain while the worst loser of the day was Strathmore Minerals with a loss of 5.6%. Market Vectors Nuclear Energy ETF gained 0.1%.
The Intermediate term remains unchanged at a rating of BEARISH.
The short term is interesting. Although the Index moved higher the momentum indicator remained in the negative zone. More importantly the slope of the trigger line has turned slightly lower causing the rating to drop a notch to the + NEUTRAL level, just one level below a full bull.
With the reversal of direction in the Index during the day I would be inclined to go positive on the direction of the immediate move. He reversal is not yet noted in the very short term moving average or in the aggressive Stochastic Oscillator but they are slightly behind when it comes to a one day reversal situation.