After The Close, 18 May 2010
Merv’s Daily Uranium Index
Market Data
Open: 157.14
High: 159.14
Low: 153.55
Close: 154.73
Volume: 3747
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
The Index is getting closer and closer to that 150 support. A few weeks back, on the last decline, we made new intra-day lows and closing lows that were not seen since the sharp bull move of a year ago. We are heading once more towards a new low. We’re less than half a point from a new low. However, the P&F chart filters out minor moves or moves of less than 10 points so the critical value to watch is the 150.00 level. A positive sign, however, is the fact that the momentum indicator is not dropping as fast as the Index and may be giving us a positive divergence if it continues. Uranium price remained unchanged this week. That may not be helping unless speculators take this as a stabilizing effort and positive for futures prices.
The Merv’s Daily Uranium Index closed lower by 1.91 points or 1.22%. There were 25 winners, 10 losers and a whole bunch of stocks (15) fast asleep. Cameco gained 1.2%, Extract lost 7.3%, Paladin lost 0.9%, Uranium One gained 0.4% and USEC gained 0.7%. The best winner was Global Uranium Fund with a gain of 8.4% while the worst loser was Extract Resources with a loss of 7.3%. Market Vectors Nuclear Energy ETF gained 0.8%.
Another day where there is nothing much to say as nothing has changed in the indicators to affect the ratings. Both the intermediate and short term ratings remain BEARISH.
As for the immediate direction of least resistance, once again I’ll go with the lateral until I get it right.
Merv’s Daily Uranium Index
Market Data
Open: 157.14
High: 159.14
Low: 153.55
Close: 154.73
Volume: 3747
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
The Index is getting closer and closer to that 150 support. A few weeks back, on the last decline, we made new intra-day lows and closing lows that were not seen since the sharp bull move of a year ago. We are heading once more towards a new low. We’re less than half a point from a new low. However, the P&F chart filters out minor moves or moves of less than 10 points so the critical value to watch is the 150.00 level. A positive sign, however, is the fact that the momentum indicator is not dropping as fast as the Index and may be giving us a positive divergence if it continues. Uranium price remained unchanged this week. That may not be helping unless speculators take this as a stabilizing effort and positive for futures prices.
The Merv’s Daily Uranium Index closed lower by 1.91 points or 1.22%. There were 25 winners, 10 losers and a whole bunch of stocks (15) fast asleep. Cameco gained 1.2%, Extract lost 7.3%, Paladin lost 0.9%, Uranium One gained 0.4% and USEC gained 0.7%. The best winner was Global Uranium Fund with a gain of 8.4% while the worst loser was Extract Resources with a loss of 7.3%. Market Vectors Nuclear Energy ETF gained 0.8%.
Another day where there is nothing much to say as nothing has changed in the indicators to affect the ratings. Both the intermediate and short term ratings remain BEARISH.
As for the immediate direction of least resistance, once again I’ll go with the lateral until I get it right.
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