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.
Another rotten day at the markets. Today, however, does look like a day when the Daily Index just might have bottomed out and is set to take a bounce. The momentum indicator is now at almost exactly the same level it was at when the Index bottomed out in July and started its last bull run. The short term RSI is way over extended and so far into its oversold zone that there is no where to go but up. And the Stochastic Oscillator stubbornly fails to go any lower and is moving higher above its positive trigger line after having been in its oversold zone. All is in place for a rally, except the rally. Tomorrow will tell.
The Merv’s Daily Uranium Index closed lower by 11.91 points or 5.78%. There were 3 winners today, 44 losers and 3 stocks hiding. Cameco was a daily winner with a gain of 1.2%, Denison lost 5.7%, Extract lost 13.4%, Paladin lost 5.2% and Uranium One lost 13.5%. The best of the three was Mawson with a gain of 23.2% and almost back to where it was before the debacle started. The worst loser of the day was U308 Corp. with a loss of 25.7%. Market Vectors Uranium + Nuclear Energy ETF lost 4.5% and Global X Uranium lost 7.8%.
No surprise, the rating for all time periods remains BEARISH.
As for the direction of least resistance, I’m going with the up side for tomorrow for no other reason that things have just gone too far too fast on the down side.