After The Close, 10 Nov 2008
Merv’s Daily Uranium Index
Market Data
Open: 121.32
Hugh: 125.38
Low: 114.19
Close: 117.44
Volume: 4961
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another down day in the uranium stocks but so small one would not really notice it. We continue in a lateral trend within that box that has held the Index for over a month now. Sooner or later it will break out of the box and according to Nicolas Darvas in his 1960 best seller “How I Made $2,000,000 in the Stock Market” it will be up, up and away (or down, down and look out). In the mean time one can only watch and wait.
The Merv’s Daily Uranium Index closed lower by 0.10 points or 0.08%. Small potatoes. Despite the negligible Index move the average price of an Index component stock decreased by 2.1%. There were some significant movers, mostly on the down side. In the end the winners and losers ended about even. There were 22 winners, 21 losers and 7 going nowhere. Of the top five by market value, Cameco gained 5.0%, Denison gained 2.1%, Paladin gained 3.1%, Uranium One lost 9.6% and USEC gained 0.5%. The best winner on the day was Bayswater Uranium with a gain of 7.7% while the worst loser was Uranium Resources with a loss of 27.9%.
On the intermediate term nothing has changed from the week-end analysis. One thing of note is that the moving average is getting closer and closer to the Index action. This is to be expected when the Index moves laterally. The moving average is close to entering the box area and should the Index turn back to the up side and breach the box upper resistance line it might also cross the moving average to the up side. This then, if it happens, would be a probable bullish signal if accompanied by the momentum. All is still guess work. Reality is that the rating still remains BEARISH on the intermediate term.
On the short term very little has changed from the week-end analysis. The only change was the momentum trigger line has now turned downwards. This has caused the rating to get dropped a notch to a + NEUTRAL rating.
As for the direction of least resistance, well that remains downward although being in the box I should really go for the lateral direction.
Merv’s Daily Uranium Index
Market Data
Open: 121.32
Hugh: 125.38
Low: 114.19
Close: 117.44
Volume: 4961
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another down day in the uranium stocks but so small one would not really notice it. We continue in a lateral trend within that box that has held the Index for over a month now. Sooner or later it will break out of the box and according to Nicolas Darvas in his 1960 best seller “How I Made $2,000,000 in the Stock Market” it will be up, up and away (or down, down and look out). In the mean time one can only watch and wait.
The Merv’s Daily Uranium Index closed lower by 0.10 points or 0.08%. Small potatoes. Despite the negligible Index move the average price of an Index component stock decreased by 2.1%. There were some significant movers, mostly on the down side. In the end the winners and losers ended about even. There were 22 winners, 21 losers and 7 going nowhere. Of the top five by market value, Cameco gained 5.0%, Denison gained 2.1%, Paladin gained 3.1%, Uranium One lost 9.6% and USEC gained 0.5%. The best winner on the day was Bayswater Uranium with a gain of 7.7% while the worst loser was Uranium Resources with a loss of 27.9%.
On the intermediate term nothing has changed from the week-end analysis. One thing of note is that the moving average is getting closer and closer to the Index action. This is to be expected when the Index moves laterally. The moving average is close to entering the box area and should the Index turn back to the up side and breach the box upper resistance line it might also cross the moving average to the up side. This then, if it happens, would be a probable bullish signal if accompanied by the momentum. All is still guess work. Reality is that the rating still remains BEARISH on the intermediate term.
On the short term very little has changed from the week-end analysis. The only change was the momentum trigger line has now turned downwards. This has caused the rating to get dropped a notch to a + NEUTRAL rating.
As for the direction of least resistance, well that remains downward although being in the box I should really go for the lateral direction.
It continues to be a wait and see game. If I was to guess I would guess an eventual upside break, but that’s only a guess.
No comments:
Post a Comment