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5 "Tells" that the Stock Markets Are About to Reverse

Uranium Stocks in Still a Gamblers Market

Commodities / Uranium Jan 09, 2008 - 06:16 AM GMT

By: Merv_Burak

Commodities Another down day for the uranium stocks. There still seems to be no end to the decline but on the other hand the decline is still in a predictable and acceptable mode. Even some more downside would not change the basic intermediate or long term prognosis. But first, a rundown of what has happened on the close.


The Merv's Daily Uranium Index closed lower by 0.064 points or 1.52%. There were 15 winners, 31 losers and 4 unchanged. This is getting a little better and moving in the right direction. Yesterday we had 38 losers. The five largest stocks were a mixed bag today. Cameco lost 1.5%, Denison lost 0.3% Paladin lost 0.3%, YEX gained 4.0% and Uranium One gained 4.6%. The best performer today was East Asia Minerals with a gain of 13.3% while the worst performer today was Magnum Uranium with a loss of 13.3%. Yes, I checked, both the best and the worst were at the same % level but opposite in sign.

On the intermediate term nothing has changed. The Index is still below a negative sloping moving average line. The momentum is still in its negative zone and moving lower. The volume indicator is moving lower with the Index. Unfortunately I can no longer place any neutral rating on to the intermediate term. We are back to a full BEARISH intermediate term rating for the Index.

As for the short term, that too has not changed much. The Index is not definitely below the short term moving average line and the line has just turned downward. The momentum indicator remains in its negative zone and moving lower while the more aggressive Stochastic Oscillator is just about to enter its oversold zone. For now the short term rating remains a full BEARISH rating.

This is still a gambler's market.

By Merv Burak, CMT
Hudson Aero/Systems Inc.
Technical Information Group
for Technically Uranium with Merv

Web: http://techuranium.blogspot.com/
e-mail: merv@themarkettraders.com

During the day Merv practices his engineering profession as a Consulting Aerospace Engineer. Once the sun goes down and night descends upon the earth Merv dons his other hat as a Chartered Market Technician ( CMT ) and tries to decipher what's going on in the securities markets. As an underground surveyor in the gold mines of Canada 's Northwest Territories in his youth, Merv has a soft spot for the gold industry and has developed several Gold Indices reflecting different aspects of the industry. As a basically lazy individual Merv's driving focus is to KEEP IT SIMPLE .

This Blog is - A periodic review of the daily or weekly market action in uranium stocks. The review is strictly from the technical perspective. Merv is a pure market technician. Weekly, one will find a table of technical information and ratings of the 50 component stocks of the Merv's Uranium Index as well as a weekly summary of the uranium stock activity. Daily (most days), one will find a daily review of the market action of the Merv's Daily Uranium Index as well as technical analysis of one or more uranium stocks of interest.

Disclaimer - Technical analysis is not perfect. Should you expect perfection this is not the site for you.
Technical analysis IS a very sound technique to assess the daily or weekly trading activities in securities and to assess appropriate timing of investment activities. This blog provides such technical analysis of the trading activity in uranium stocks for your information. Any use made of this information is strictly at the users risk. No guarantees are made for the accuracy or potential for the information provided herein. Use at your own risk. You are strongly advised to check with your broker or investment adviser before activating any investment desisions.

Merv Burak Archive

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