After The Close, 26 May 2011
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.
Slowly but steadily the Daily Index seems to be turning around. Even the daily volume is starting to the Daily Index seems to be turning around. Even the daily volume is starting to perk up a bit, not much but we will take any little improvement we can get. For now the short term is the time period most affected by the steady turn but the other periods are not all that far behind.
The Merv’s Daily Uranium Index closed with a gain of 3.29 points or 1.81%. There were 28 winners, 13 losers and 9 who can’t make up their minds. Cameco gained 0.2%, Denison gained 2.4%, Extract gained 6.5%, Paladin gained 4.0% and Uranium One gained 1.6%. The best winner of the day was Uranium Resources with a gain of 15.9% while we had two identical losers of the day, JNR Resources and Pitchstone each with a loss of 6.25%. Market Vectors Uranium + Nuclear Energy ETF gained 1.4% while Global X Uranium ETF gained 2.6%.
The long and intermediate term indicators are still in negative territory but improving. Still both periods ratings are BEARISH.
On the short term the Daily Index is moving nicely above its positive sloping moving average line. The momentum indicator is still a little bit inside its negative zone but heading upwards fast. It is above its positive trigger line and could go into the positive zone any day now. The daily volume, although still very low, is showing some signs of wanting to perk up. All in all the short term rating can now be improved to a BULLISH rating. The very short term moving average line has also just moved above the short term line for confirmation of this bull.
Looks like things are going in the right direction. Let’s keep it up. The immediate direction of least resistance is to the up side so we should get another positive day tomorrow.