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.
A small positive day in the Daily Index but the most notable feature was the volume. The low volume seems to indicate that the speculators, those that move markets, are not too enthusiastic about the uranium stocks right now. That could change over night but at this point they are not really in the market. Once they come back the question will be in which direction will they be making their bets. I would hazard a guess that it will be in the direction of a continuing bull market but let’s wait and have the market action tell us which way the wind is blowing.
The Merv’s Daily Uranium Index closed higher today by 2.63 points or 1.10%. There were 23 winners, 21 losers and 6 stocks doing who knows what? Cameco gained 1.5%, Denison gained 1.2%, Extract lost 0.6%, Paladin gained 2.7% and Uranium One gained 1.0%. The best winner of the day was Benton Resources with a gain of 11.1% while the loser of the day was Pele Mountain. Market Vectors Nuclear Energy ETF gained 0.8%. The Global X Uranium ETF (URA) closed at $19.80 up 1.04%. I’ll try to include this ETF in the daily commentary as it is more into the uranium stocks than the Market Vectors ETF is but it will not show up in the Table of Index stocks for some time as I need a years worth of historical prices for it to be included in the Table and Index. When I have those historical prices then the Market Vectors ETF will most likely be replaced.
Only the short term has changed. With the Index closing slightly above its short term moving average line and the line continuing to point upward the short term rating has moved back to the BULLISH level. The very short term moving average line is still confirming this rating by remaining above the short term line.
I’m back to the lateral direction as the direction of least resistance (where I should have stayed yesterday). The Stochastic Oscillator continues to move ever lower and is now almost at its oversold level. Maybe another day will do it.