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 a word about posting these commentaries. For the next while I will not be posting every day. I’ll try to post about every second day unless something important should occur, like a change in ratings or sudden volatile price movement. These postings do take time and I’m getting into more of a retiring mode lately. 74 years on this planet, over 40 watching the various markets, I’m getting lazy.
The Daily Index continues to move higher although not with any great strength behind the daily activity. None of the daily closings have been anywhere near the top of the day’s trading range. The Stochastic Oscillator seems to have started a turn around (although very early in the turn) suggesting that the move may be getting close to some sort of top. We’ll just have to wait and see if this does develop into anything. The volume indicator has once more moved into new high ground to go along with the improving daily volume activity. The short term momentum indicator is now just inside its overbought zone and at a level where several times in the recent past it has reversed to the down side as had the Index. Looks more and more like the Index may be ready for a reversal within the next day or two.
The Merv’s Daily Uranium Index closed higher by 1.24 points or 0.71%. There were 26 winners, 15 losers and 9 stocks just bumming around. Cameco gained 0.4%, Extract gained 3.2%, Fronteer gained 0.9%, Paladin lost 0.8% and Uranium One gained 3.0%. The best daily winner was Pinetree Capital with a gain of 9.6% while the loser of the day was JNR Resources with a loss of 10.9%. Market Vectors Nuclear Energy ETF lost 0.2%.
Other than what has already been mentioned above, nothing much new or different is going on. All indicators are positive for both the short and intermediate term resulting in a BULLISH rating for both. As for the immediate direction of least resistance, I should stick with the up side as that is where all the indicators are pointing but I thing I’ll be a little cautious and go with the lateral direction expecting a turn around to start showing itself.