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.
There seems to be a little more volume action coming into play. One day does not a trend make but it’s a start and going in the right direction. The recent action in the Daily Index has been interesting. All the moves seem to occur at the open. From there the moves may go up and down but in the end the close is just about where the Index opened at. This was the action all last week and is continuing today. I’m not really sure how to read this so I’ll forgo trying to be too intelligual about it just to highlight this action for your interest.
The Merv’s Daily Uranium Index closed higher by 1.81 points or 1.13%. There were 21 winners, 17 losers and a whole lot of lazy stocks (12) going nowhere. Cameco gained 0.3%, Extract gained 11.8%, Fronteer lost 0.4%, Paladin was one of the lazy stocks and Uranium One gained 10.6%. The best daily winner was Extract with that 11.8% gain while the daily loser was Khan with a loss of 12.9%. Market Vectors Nuclear Energy ETF gained 0.4%.
First, the long term position has changed somewhat with today’s action. The Daily Index closed above its long term moving average line although the line slope is still downwards. This was enough to raise the long term rating to a + NEUTRAL rating.
Both the intermediate and short term indicators were positive on the week-end and have just gotten a little more positive. I wouldn’t repeat the details today but there are basically the same as on the week end. Both periods remain with a BULLISH rating.
On the immediate direction of least resistance the Stochastic Oscillator is not getting any stronger despite the Index move. I’m afraid that it’s just about time for a rest or slight reaction. However, I’ll still go with the lateral direction for tomorrow.