Merv’s Weekly Uranium Review
for week ending 24 December 2010
Merv’s Daily Uranium Index
Market Data for Friday 24 Dec 2010
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Note that additional charts of the Daily and Weekly Indices were posted earlier and should be viewed during this commentary.
This relaxation could become a habit but I guess I’d better get off my --- and post the weekly commentary.
Nothing much happened during this past week. The Daily Index basically went sideways and remains in that box from which we are awaiting the next move. The action of the Index continues to look like a topping activity but all one reads in the media is the great potential ahead for uranium. Stocks act mostly on perceived future potential so a topping activity in the Index does not seem to compute versus the stories in the media. I’ll go with the market action. Should the media stories really be true and a great future lies ahead then the stocks will go with the direction of the future despite some short term hesitation.
I’m still in holiday mode so I’ll cut this week’s analysis short. Although there are indications of weakness in the market action, suggesting a possible topping activity, as far as the indicators are concerned there is nothing much to worry about yet. For all three time periods the rating remains BULLISH.
II leave it up to you to check the charts posted here and earlier in the week to determine what’s happening. I hope that with the commentaries you are learning some of the basics of technical analysis (if you did not previously have the knowledge) so this is a good time to exercise that knowledge.
It’s heartening to get so many well wishers during this Christmas season. Thanks. Here’s wishes again to all for a profitable new year.
Will be back in full force in about a week or so. Otherwise posting will remain sporadic.