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.
Boy, it’s really getting tough to get the uranium stocks moving. One day you think things are on a roll and the next day the tires go flat and we’re rolling backwards. It’s a guessing game until the Daily Index makes a decisive move one way or the other.
The Merv’s Daily Uranium Index closed lower by 3.24 points or 1.84%. There were only 5 winners today, 36 losers and 9 hiding from the slaughter. Well, not actually a slaughter but it felt like it. Cameco lost 1.7%, First Uranium lost 4.4%, Paladin lost 1.6%, Uranium One lost 4.3% and Uranium Participation lost 0.7%. The best winner of those brave 5 was Powerpoint Uranium with a gain of 4.0% while the loser of the day was Continental Precious with a loss of 7.5%. Market Vectors Nuclear Energy ETF lost 1.7%.
Once more the Daily Index has crossed its intermediate term moving average line, this time to the down side. The line itself is still pointing slightly downward. The momentum indicator has once more moved into its negative zone below its trigger line. The trigger is turning towards the down side but didn’t quite make it today. The volume indicator has also crossed below its trigger line but the line is still pointing slightly upwards. My fancy sophisticated technique for putting this all together has the intermediate term rating as BEARISH today. Who knows what tomorrow will bring.
On the short term the Daily Index closed below the short term moving average line but the line is still very slightly on the up side. The momentum indicator turned sharply downward but ended the day just shy of crossing its neutral line. It closed just inside its positive zone but below its negative trigger line. The daily volume action continues to remain acting as one would expect during a questionable trend. The short term is rated as – NEUTRAL, one level above a full bear.
The immediate direction of least resistance has once more gone to the lateral.