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.
Bummer. Another down day. It did seem to find a support right at that second FAN trend line. This is not unusual in the FAN PRINCIPLE. The FAN trend lines become support or resistance lines (whichever way the price is moving). It is also quite common, although not always, that the price action should move up and down for a while between two FAN trend lines. If I had my guess I would guess that that second FAN line will eventually be broken and the price will oscillate between the first and second FAN trend lines. Just a guess.
The Merv’s Daily Uranium Index closed lower by 9.06 points or 4.18%. There were 5 winners, 42 losers and 3 slackers. Cameco lost 4.5%, Extract lost 1.1%, Fronteer lost 4.2%, Paladin lost 5.9% and Uranium One lost 5.2%. The best winner was Quest Rare Metals with a gain of 5.3% while the loser of the day was JNR Resources with a loss of 16.1%. Market Vectors Nuclear Energy ETF lost 4.2%.
Far behind today. The one change in the ratings today, the short term has now gone BEARISH. However, the very short term moving average line has not yet confirmed the bear so there may still be some hope that we’ve seen the end of the decline, but I doubt it.