Uranium Index, Week 16

uh-oh.

Read Full Post.....


Looks like the Uranium Party is in trouble. My Uranium Index is now in a short term downtrend. The Uranium Futures will start trading in a couple of days, so that will go a long way in telling me whether the index can break out of the downtrend or not.
The one encouraging sign that I see is the V-bottom that was put in this week. I did not trade any of the components in my Uranium Index this week, but I did observe some heavy volume in the latter part of the week. Heavy volume is good - especially on the upside of the V-bottom.
However, the V-bottom did not break out of the downtrend, so my index is not out of the woods yet. I would like to see it climb back comfortably above 27500 before I would declare a resumption of the uptrend. The other scenario here is that my index could just go sideways for a little while, bouncing around between 25000 and 27000. We'll just have to see what the market wants to do.

Once the Uranium Futures start trading, we will see more volatility in the uranium prices which will inevitably spill over into the uranium stocks, strap on to your seat belts.


Index Value: 26,488.13
Best Performers: CCO, AXU
Worst Performers: PWE, U

Index Performance:

Week 16:          +0.65%
Since inception: +33.30%