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.
Just another hiccup to frustrate the long suffering speculators. Today’s decline in the Daily Index did nothing of concern to the various indicators. The action remains trapped in that up trending channel, although at the lower level of the channel. We need some more upside action to get comfortably away from the support line. Otherwise it’s a continuing wait and see situation.
The Merv’s Daily Uranium Index closed lower by 2.07 points or 1.28%. There were only 6 winners today while the losers column didn’t increase that much. There were 28 of those. As for the stocks taking a break and just sleeping away, there were a whole 16 of those. The day just doesn’t seem like many speculators had any interest in real speculation, just nibbling here and there. Cameco lost 1.0%, Extract lost 0.5%, Fronteer lost 2.0%, Paladin lost 0.3% and Uranium One gained 1.2%. The best winner of those 6 was Benton with a gain of 10.6% while the loser of the bunch was Uranium Resources with a loss of 7.2%. Market Vectors Nuclear Energy ETF lost 1.5%.
As mentioned above the day’s action did nothing to the indicators so I wouldn’t waste time today. I’ll leave it to the week-end for a good review of where we are. Otherwise, review the analysis of the past few days as still being applicable. As far as the immediate direction of least resistance is concerned, my yesterday’s guess was not all that great. Today I think I’ll go into one of my cop-out directions, the lateral, as the one with least resistance. Today’s action sort of put a damper on the up side but I don’t yet think the down side is in full control. The Stochastic Oscillator continues upward and still has more potential before being overbought.