After The Close, 27 Oct 2008
Merv’s Daily Uranium Index
Market Data
Open: 102.12
Hugh: 104.22
Low: 92.76
Close: 95.18
Volume: 3846
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Although the Daily Index closed at its lowest level in this bear market the close was not below previous intraday lows. The action remains within that box that has been in effect for the past three weeks. As such nothing much has changed from the week-end analysis other than the lower close. Well, okay, there may have been some minor changes in the various indicators but nothing has changed from the ratings stand point.
The Merv’s Daily Uranium Index closed lower by 8.75 points or 8.42%. A reasonably bearish move but as the chart shows not a move of significance. There were 7 winners, 35 losers and 8 going nowhere. As for the five largest stocks by market value they were all in the negative side. Cameco lost 9.6%, Denison lost 16.0%, Paladin lost 4.1%, Uranium One lost 19.0% and USEC lost 6.9%. The winner of the day was Western Uranium with a gain of 10.2% while the loser on the day was Globex Mining with a loss of 32.6%.
Looking at the chart and intermediate term indicators about the only change from the week-end analysis is the fact that the momentum indicator has dropped decisively below its trigger line and the trigger has now turned downward. So, the rating remains BEARISH.
As for the short term, well the momentum indicator has dropped further below its trigger line and has entered the oversold zone. The trigger, however, remains positive for now. The short term rating therefore remains BEARISH.
Trying to guess the immediate direction of least resistance I will stick with my week-end assessment that the indicators should have me going to the down side but I’ll stick to the neutral until the Index breaks through its box on a closing basis.
Merv’s Daily Uranium Index
Market Data
Open: 102.12
Hugh: 104.22
Low: 92.76
Close: 95.18
Volume: 3846
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Although the Daily Index closed at its lowest level in this bear market the close was not below previous intraday lows. The action remains within that box that has been in effect for the past three weeks. As such nothing much has changed from the week-end analysis other than the lower close. Well, okay, there may have been some minor changes in the various indicators but nothing has changed from the ratings stand point.
The Merv’s Daily Uranium Index closed lower by 8.75 points or 8.42%. A reasonably bearish move but as the chart shows not a move of significance. There were 7 winners, 35 losers and 8 going nowhere. As for the five largest stocks by market value they were all in the negative side. Cameco lost 9.6%, Denison lost 16.0%, Paladin lost 4.1%, Uranium One lost 19.0% and USEC lost 6.9%. The winner of the day was Western Uranium with a gain of 10.2% while the loser on the day was Globex Mining with a loss of 32.6%.
Looking at the chart and intermediate term indicators about the only change from the week-end analysis is the fact that the momentum indicator has dropped decisively below its trigger line and the trigger has now turned downward. So, the rating remains BEARISH.
As for the short term, well the momentum indicator has dropped further below its trigger line and has entered the oversold zone. The trigger, however, remains positive for now. The short term rating therefore remains BEARISH.
Trying to guess the immediate direction of least resistance I will stick with my week-end assessment that the indicators should have me going to the down side but I’ll stick to the neutral until the Index breaks through its box on a closing basis.
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