After The Close, 11 Dec 2008
Merv’s Daily Uranium Index
Market Data
Open: 117.07
High: 124.58
Low: 112.87
Close: 116.17
Volume: 8187
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
I don’t like the looks of this. The action today smacks of a one day reversal type of action. The Index starts okay, then moves considerably higher, then drops back below where it started and closed at or very near its daily low. How much this has to do with the end of day action of the Canadian market as a whole, which dropped like a rock near the end of the day, remains to be seen but hang on to your hat, this may be a bumpy ride ahead.
The Merv’s Daily Uranium Index closed lower by 0.54 points or 0.47%. Doesn’t sound like much but the Index was up almost 7% earlier in the day. There were 20 winners, 20 losers and 10 going nowhere. About as 50/50 as you get. As for the five largest stocks, Cameco lost 4.5%, Paladin gained 4.2%, Uranium One lost 5.0%, Uranium Participation gained 4.8% and USEC lost 3.4%. The best winner on the day was Bayswater Uranium with a gain of 40.0% while the worst loser was Azimut Exploration with a loss of 15.2%.
After improving its rating yesterday the intermediate term stayed as it was today. The Index remains just above its moving average line and the line is still pointing downward although it is in a “turning towards the up side” phase. The momentum indicator remains in its negative zone but above its positive trigger line. The volume indicator remains the weak link of the indicators and is not far from moving into new low territory. For now the intermediate term rating remains at + NEUTRAL.
As with the intermediate term, the short term also remains unchanged from yesterday. The Index remains above its positive sloping moving average line and the momentum indicator remains in its positive zone above its positive trigger line. I haven’t shown the very short term indicator the past few days because it has been riding on top of the short term indicator and was useless as far as visual representation was concerned. Although on the chart it might look like it’s on top of the short term moving average line it is, in fact, just very slightly above the short term moving average for an extra positive indicator for the short term. All in all, the short term rating remains BULLISH.
Today’s action has turned the Stochastic Oscillator to the down side although it is still in its positive zone. It didn’t quite make it to the overbought zone this time. The Index is still above its positive very short term moving average line and above a very short term up trend line (not shown). All this should ensure that the direction of least resistance remains to the up side but as mentioned above, the day’s action does look like it could be a one day reversal so I’ll chicken out and call it the lateral direction for now.
Merv’s Daily Uranium Index
Market Data
Open: 117.07
High: 124.58
Low: 112.87
Close: 116.17
Volume: 8187
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
I don’t like the looks of this. The action today smacks of a one day reversal type of action. The Index starts okay, then moves considerably higher, then drops back below where it started and closed at or very near its daily low. How much this has to do with the end of day action of the Canadian market as a whole, which dropped like a rock near the end of the day, remains to be seen but hang on to your hat, this may be a bumpy ride ahead.
The Merv’s Daily Uranium Index closed lower by 0.54 points or 0.47%. Doesn’t sound like much but the Index was up almost 7% earlier in the day. There were 20 winners, 20 losers and 10 going nowhere. About as 50/50 as you get. As for the five largest stocks, Cameco lost 4.5%, Paladin gained 4.2%, Uranium One lost 5.0%, Uranium Participation gained 4.8% and USEC lost 3.4%. The best winner on the day was Bayswater Uranium with a gain of 40.0% while the worst loser was Azimut Exploration with a loss of 15.2%.
After improving its rating yesterday the intermediate term stayed as it was today. The Index remains just above its moving average line and the line is still pointing downward although it is in a “turning towards the up side” phase. The momentum indicator remains in its negative zone but above its positive trigger line. The volume indicator remains the weak link of the indicators and is not far from moving into new low territory. For now the intermediate term rating remains at + NEUTRAL.
As with the intermediate term, the short term also remains unchanged from yesterday. The Index remains above its positive sloping moving average line and the momentum indicator remains in its positive zone above its positive trigger line. I haven’t shown the very short term indicator the past few days because it has been riding on top of the short term indicator and was useless as far as visual representation was concerned. Although on the chart it might look like it’s on top of the short term moving average line it is, in fact, just very slightly above the short term moving average for an extra positive indicator for the short term. All in all, the short term rating remains BULLISH.
Today’s action has turned the Stochastic Oscillator to the down side although it is still in its positive zone. It didn’t quite make it to the overbought zone this time. The Index is still above its positive very short term moving average line and above a very short term up trend line (not shown). All this should ensure that the direction of least resistance remains to the up side but as mentioned above, the day’s action does look like it could be a one day reversal so I’ll chicken out and call it the lateral direction for now.
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