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 basically lateral trend continues but starting to show greater weakness.
The Merv’s Daily Uranium Index closed lower by 1.43 points or 0.83%. There were 13 winners, 32 losers and 5 sleepers. Cameco lost 0.7%, First Uranium gained 2.0%, Paladin lost 1.7%, Uranium One lost 3.3% and Uranium Participation lost 0.8%. The best performer was Continental Precious Minerals with a gain of 14.9% while the worst performer was Bayswater Uranium with a loss of 11.3%. Market Vectors Nuclear Energy ETF lost 0.8%.
The only change in the intermediate term indicators is the momentum indicator trigger line turning downward. However the rating here is already BEARISH so the trigger turning down was a non-event.
Everything on the short term is now also negative. The Daily Index has once more closed below its short term moving average line and now the line has turned downward. The momentum indicator has moved into its negative zone below its trigger line, with the trigger turning downward. The daily volume activity remains weak, which is what one would expect during a weak market. On the short term the rating is BEARISH today. As we see, when the basic indicator or Index is very close to its respective trigger line we often get into whip-saw situations. This we are getting on the short term. The very short term moving average line has just dropped below the short term average confirming the bearish rating.
As for the immediate direction of least resistance, I should go to the down side as the Index and stock activity seems to be getting weaker but will remain in the lateral mode for another day.