Its going to 41 or so before major pullback.
Its time for it to make a little flag before next move higher.
Uranium Shares Spike After Cameco Report (CCJ, URRE, UEC, DNN, URZ, URA)
Canadian uranium miner Cameco (CCJ) jumped on Monday after posting its third-quarter results. The company earned C$80 million, or 20 Canadian cents per share, net of one-time items compared to C$172 million, or 24 Canadian cents per share, in the same period last year. Revenue slipped by -19% to C$419 million. Uranium sales volumes slipped by -33% year-over-year, but CEO Jerry Grandey noted that a decline was expected. “As we advised earlier this year, revenues were lower in the third quarter due to the timing of uranium deliveries. We expect about one third of our uranium sales will be delivered in the fourth quarter.” Grandey added, “We are on track to double our annual uranium production from existing assets by 2018.”
As a whole, the Uranium Stocks Index is soaring by 11% today, and Cameco’s 4% rally makes it a laggard for the session. The Index has now outperformed the S&P 500 by a whopping 45% over the last month.
Uranium Resources (URRE), Uranium Energy (UEC),Denison Mines (DNN), and Uranerz Energy (URZ) are all up by more than 10% today, and more than half of the Index’s components have now rallied by more than 50% since early October.
In the ETF space, the Global X Uranium (URA), which debuted last week, is up by 7% on the day, ranking it atop the Commodity ETFs Index for the session.
From TickerSpy
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