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.
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The Daily Index today seemed to have hit bottom. Although the close was still on the down side versus yesterday’s close it was on the up side versus its opening price. It seemed to have hit a couple of support points (support and trend line) and bounced from there. Hopefully, the trend has reversed and will be once more to the up side.
The Merv’s Daily Uranium Index closed lower by 0.71 points or 0.45%. There were 19 winners, 23 losers and 8 stocks sleeping. Cameco lost 0.5%, Extract lost 6.9%, Fronteer gained 2.7%, Paladin lost 0.6% and Uranium One gained 1.3%. The best daily winner was Energy Fuels with a gain of 7.4% while the loser of the day was Benton with a loss of 11.8%. Market Vectors Nuclear Energy ETF lost 0.3%.
What to expect in the days to come is so often different than the position of the Index right now. My analysis and indicators tell me where we are right now relative to different investment/speculative time periods. On the intermediate term things are becoming mixed again, but I don’t think for any length of time. The Daily Index remains above its positive moving average line. The momentum indicator has now crossed its neutral line to the down side and is below its negative trigger line. The volume indicator has been moving lower but is still just slightly above its positive trigger line. All in all the intermediate term rating is considered as + NEUTRAL at this time.
On the short term the Index dropped below its moving average line yesterday and the line slope turned negative today. The momentum indicator is still in a downward slide but at the close remains just above its neutral line in the positive zone. It is, however, below its negative trigger line. The daily volume action is still nothing to write home about and not giving us any special story. For today the short term rating has gone back to a full BEARISH rating.
For the immediate direction of least resistance that is a toughie but that’s what I get paid these big bucks for. With the Stochastic Oscillator still in a plunge mode and still above its oversold line (leaving more room for more downside action) one should go for the down side. However, I think that the move has seen its support and the up side is the more logical. For tomorrow I will take the basic lateral direction assuming the turn around may actually take a couple of days to make itself felt.