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 was nothing really happening yesterday so I took a day off. There is nothing much happening today but two days in a row seems like I’m avoiding the post. The direction over the past few days seems to be to the lateral direction. The way the momentum indicators work as the Index (or stock price) moves sideways the momentum indicator will move towards its neutral line. That’s what seems to be happening here. The action remains inside that up trending channel but seems to be very slowly heading towards the lower support line. Other than that nothing has changed for days now.
The Merv’s Daily Uranium Index closed lower by 0.77 points or 0.46%. There were 16 winners, 26 losers and 8 just bumming around. Cameco gained 0.6%, Extract lost 1.3%, Fronteer lost 1.0%, Paladin gained 0.3% and Uranium One lost 1.5%. The best daily winner was Ucore Uranium with a gain of 9.6% while the daily loser was Uranium Resources with a loss of 13.9%. Market Vectors Nuclear Energy ETF gained 0.0% on the day.
With nothing much happening the ratings remain BULLISH for both the intermediate and short term. The immediate direction of least resistance continues to be towards the down side although the lateral seems to be the trend lately.