After The Close, 26 Nov 2008
Merv’s Daily Uranium Index
Market Data
Open: 107.19
High: 114.95
Low: 103.71
Close: 113.36
Volume: 6242
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
We’re back on the up swing again, although the volume was a little lower than yesterday. The box may finally be breached from the looks of this activity. In the process the intermediate term moving average line will also be breached and if my calculations are correct the moving average will have turned positive in the process. Now, if only I didn’t have that rosy tint in my classes. Actually, things ARE looking better and better, we’ll just have to wait for the confirmation of this scenario.
The Merv’s Daily Uranium Index closed higher on the dat by 5.30 points or 4.91%. There were 33 winners. 12 losers and 5 going nowhere. Of the five largest stocks by market value Cameco gained 8.8%, Denison lost 2.9%, Paladin gained 13.9%, Uranium One gained 8.5% and USEC gained 6.9%. The best winner on the day was Trigon Uranium with a 100% gain on a move of only $0.06 (it looks like time to review the component stocks again). The next best winner was Uranium Energy with a gain of 17.4%. The worst loser was Nuinsco Resources with a loss of 22.2%.
The intermediate term is starting to look better and better although the action is still in the box. The Index remains below its negative sloping moving average line but the line and the Index are closing their gap. As mentioned above, it looks like the Index is heading towards a breach of the box on the up side and would breach its moving average along the way. The momentum is moving nicely higher towards its neutral line but is still in its negative zone. It is above its positive trigger line and at its highest level for the past three months. Still, the indicators have not moved enough to change the rating. It is still BEARISH for now.
The short term is more positive than the intermediate term, as could be expected. It would be here that we should get the initial changes in the ratings as the shorter term indicators turn first. The Index continues above its short term moving average line and the line has just turned to the up side. The momentum indicator has just inched its way into its positive zone above its positive trigger line. The one cautious indicator is the volume indicator. It seems to be under performing the Index and momentum. This does put a slight damper into a bullish short term scenario. For now the rating has moved into a full BULLISH rating, but with that one cautionary indicator.
The immediate direction of least resistance continues to be to the up side. Another cautionary indicator from the standpoint of immediate or short term is the Stochastic Oscillator. It has now entered its overbought zone which is often a precursor to a decline or at least lateral movement. However, if we are in a strong trend the indicator could remain in the overbought zone for a long time before dropping below its overbought line.
Merv’s Daily Uranium Index
Market Data
Open: 107.19
High: 114.95
Low: 103.71
Close: 113.36
Volume: 6242
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
We’re back on the up swing again, although the volume was a little lower than yesterday. The box may finally be breached from the looks of this activity. In the process the intermediate term moving average line will also be breached and if my calculations are correct the moving average will have turned positive in the process. Now, if only I didn’t have that rosy tint in my classes. Actually, things ARE looking better and better, we’ll just have to wait for the confirmation of this scenario.
The Merv’s Daily Uranium Index closed higher on the dat by 5.30 points or 4.91%. There were 33 winners. 12 losers and 5 going nowhere. Of the five largest stocks by market value Cameco gained 8.8%, Denison lost 2.9%, Paladin gained 13.9%, Uranium One gained 8.5% and USEC gained 6.9%. The best winner on the day was Trigon Uranium with a 100% gain on a move of only $0.06 (it looks like time to review the component stocks again). The next best winner was Uranium Energy with a gain of 17.4%. The worst loser was Nuinsco Resources with a loss of 22.2%.
The intermediate term is starting to look better and better although the action is still in the box. The Index remains below its negative sloping moving average line but the line and the Index are closing their gap. As mentioned above, it looks like the Index is heading towards a breach of the box on the up side and would breach its moving average along the way. The momentum is moving nicely higher towards its neutral line but is still in its negative zone. It is above its positive trigger line and at its highest level for the past three months. Still, the indicators have not moved enough to change the rating. It is still BEARISH for now.
The short term is more positive than the intermediate term, as could be expected. It would be here that we should get the initial changes in the ratings as the shorter term indicators turn first. The Index continues above its short term moving average line and the line has just turned to the up side. The momentum indicator has just inched its way into its positive zone above its positive trigger line. The one cautious indicator is the volume indicator. It seems to be under performing the Index and momentum. This does put a slight damper into a bullish short term scenario. For now the rating has moved into a full BULLISH rating, but with that one cautionary indicator.
The immediate direction of least resistance continues to be to the up side. Another cautionary indicator from the standpoint of immediate or short term is the Stochastic Oscillator. It has now entered its overbought zone which is often a precursor to a decline or at least lateral movement. However, if we are in a strong trend the indicator could remain in the overbought zone for a long time before dropping below its overbought line.
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