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.
As expected the Daily Index is starting to look a little toppy. Another minor down day today but nothing major. The Index daily close remains above its support line although the daily low is showing up below the line. It’s getting close but I still don’t think the Index will close below the line or if it does it might be only slightly below. Let’s see how that works out.
The Merv’s Daily Uranium Index closed down by 0.59 points or 0.33%. There were 13 winners, 27 losers and 10 sleepers. The updated Index was finished today so the Index values and info is using the updated Index components. There were 8 new stocks included in the Index this time (i.e. 8 were deleted). Of the new top 5 stocks by market value, Cameco gained 0.2%, Extract was sleeping today, Paladin lost 0.8%, Uranium One lost 0.7% and USEC lost 1.1%. The best daily performer was Forum Uranium with a gain of 11.1% while the worst performer was Tournigan with a loss of 7.8%. Market Vectors Nuclear Energy ETF lost 0.5%.
Once again the minor decline in the Index did not change the position of any of the indicators so once more both intermediate and short term ratings remain BULLISH.
As for the immediate direction of least resistance, that seems to gradually be to the down side if we go by the Stochastic Oscillator. However, this indicator is noted for sharp quick turns but for now it looks like the down side is in control. I don’t think this downside will actually go much further so I’ll stick with the lateral direction for another day.