After The Close, 18 Nov 2008
Merv’s Daily Uranium Index
Market Data
Open: 109.57
High: 112.37
Low: 104.73
Close: 108.50
Volume: 5040
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
I can barely wait to see what kind of action we will get once the Index breaks through that box. We’ve been in the box for almost a month and a half. That is a long time for a box of this height. The standard thinking is that the longer the action stays inside a box such as this then the stronger the action will be in the direction of break-out. The P&F chart is giving us an indication that the subsequent move should be one of at least 200 points. That’s okay on the up side but would be deep in negative territory on the down side. This is just another reason that the feeling is the break, when it finally comes, will be on the up side. Just a feeling so I would not act on it ahead of time.
The Merv’s Daily Uranium Index closed lower again by 0.49 points or 0.45%. Using the method of Index calculation that I use for the Weekly Index, i.e. average percentage change, we would have had a negative 3.42% day. This is tha average price change for all component stocks. We had 15 winners, 30 losers and 5 unchanged. This is more in line with the 3.42% negative Index. As for the top five by market value, Cameco gained 3.8%, Denison lost 0.7%, Paladin lost 3.5%, Uranium One gained 3.1% and USEC lost 1.8%. The best daily performer was Lexam Exploration with a gain of 12.8% while the worst daily performer was Nuinsco with a loss of 33.3%.
I’m going to cop-out again today. Nothing has changed in any of the indicators or charts today. The mild action today and yesterday has not made a dint in the indicators or final ratings. So I’ll just get to the end and call the intermediate and short term ratings as remaining BEARISH.
As for the direction of least resistance, that remains the same as yesterday. The “feel” is still there that the direction is towards the down side but as long as the Index stays in the box any direction will meet with resistance from the box upper or lower lines.
Merv’s Daily Uranium Index
Market Data
Open: 109.57
High: 112.37
Low: 104.73
Close: 108.50
Volume: 5040
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
I can barely wait to see what kind of action we will get once the Index breaks through that box. We’ve been in the box for almost a month and a half. That is a long time for a box of this height. The standard thinking is that the longer the action stays inside a box such as this then the stronger the action will be in the direction of break-out. The P&F chart is giving us an indication that the subsequent move should be one of at least 200 points. That’s okay on the up side but would be deep in negative territory on the down side. This is just another reason that the feeling is the break, when it finally comes, will be on the up side. Just a feeling so I would not act on it ahead of time.
The Merv’s Daily Uranium Index closed lower again by 0.49 points or 0.45%. Using the method of Index calculation that I use for the Weekly Index, i.e. average percentage change, we would have had a negative 3.42% day. This is tha average price change for all component stocks. We had 15 winners, 30 losers and 5 unchanged. This is more in line with the 3.42% negative Index. As for the top five by market value, Cameco gained 3.8%, Denison lost 0.7%, Paladin lost 3.5%, Uranium One gained 3.1% and USEC lost 1.8%. The best daily performer was Lexam Exploration with a gain of 12.8% while the worst daily performer was Nuinsco with a loss of 33.3%.
I’m going to cop-out again today. Nothing has changed in any of the indicators or charts today. The mild action today and yesterday has not made a dint in the indicators or final ratings. So I’ll just get to the end and call the intermediate and short term ratings as remaining BEARISH.
As for the direction of least resistance, that remains the same as yesterday. The “feel” is still there that the direction is towards the down side but as long as the Index stays in the box any direction will meet with resistance from the box upper or lower lines.
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