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.
Is this it, is this the move we have all been waiting for. I would just about have a scotch on that except for the daily volume. I know, you do not need increased volume for the stock (or Index) to rise BUT it would be a whole lot more likely that the trend would have longevity if the volume was increasing with the price. We don’t have that yet. Maybe the speculators are waiting for better confirmation of the environment before jumping in. Once through that upper resistance line of the box, that should provide more juice to the move. But all that requires waiting while prices continue to rise. What to do? Jump in before real confirmation of a new bull move (by real I mean in addition to the normal indicators and ratings) or wait?
The Merv’s Daily Uranium Index closed higher by 3.11 points or 1.95%. There were 26 winners, 11 losers and 13 stocks totally confused. Cameco gained 2.1%, Extract gained 10.5%, Fronteer gained 1.2%, Paladin lost 0.5% and Uranium One gained 0.6%. The best winner of the day was Uranium Resources with a gain of 13.3% while the loser of the day was Pele Mountain with a loss of 9.1%. Market Vectors Nuclear Energy ETF gained 0.8%.
With both time periods already BULLISH there is no change today so I’ll once more wait for the week-end for a complete wrap-up. The immediate direction of least resistance has changed to the up side today.