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.
Well, we’re back to a two month low. The stocks just can’t seem to get any traction for a concerted bull move. Now we are looking at the previous low from early Feb and see if that low holds.
The Merv’s Daily Uranium Index closed lower by 2.12 points or 1.24%. There were 11 winners, 30 losers and 9 slackers. Cameco gained 0.5% while Extract, Paladin and Uranium One were among the slackers. USEC lost 3.7%. The best performer today was JNR Resources with a gain of 6.1% while the loser of the day was Forum Uranium with a loss of 11.5%. Market Vectors Nuclear Energy ETF lost 2.0%.
Since all the action was in the direction of the existing ratings, the ratings remain as they were yesterday. Both the intermediate and short term ratings are BEARISH. The short term moving average line is below the intermediate term line for the intermediate term bear confirmation while the very short term average is below the short term one for confirmation of the short term bear.
Although it’s hard to imagine the stocks going much lower I’m afraid that the Index is destined for somewhat lower levels. So, the immediate direction of least resistance appears to be to the down side.