Uranium Participation (U)

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Cobalt's new highs and M&A: Do they point to an energy metals opportunity?

A brief uranium note before we start this blog: a couple of weeks ago, I pondered whether uranium was oversold enough for a big rally. Since then, we've seen some positive signs. First, Uranium Participation (U) the tracking stock for the price of uranium climbed to a 3-week high. And Cameco (CCO) the world's largest uranium producer looks to be carving a bottom and has held its ground in the $12 area for about 2 weeks. As well, Nexgen (NXE) shares have made an impressive U-turn in the past few days. But we don't have an all-clear signal just yet. That's because the uranium sector needs Cameco to take the sector lead (and cross above its 200-day average) ahead of any uranium sector rally, so it's a stock worth watching closely. Finally, junior producer Uranium Energy Corp (UEC*US) which I wrote about in that blog, received confirmation this week that they will be added to the Russell 3000 Index later this month (as well as either the Russell 2000 or Russell 1000).

Are a rallying Cameco and a crashing uranium trumpeting a bottom?

With speculation returning to the stock market and spurring on high-flying moves in sectors like gold, silver, lithium, and marijuana-related stocks over the past year, we look for where we might next see some outsized gains from beaten down assets. Lo and behold from the ashes we are starting to see uranium stocks, a painfully bruised and out of favour asset class, looking more and more attractive.

As we review, here's looking at U

In this blog we're going to look back at a few stock ideas we've presented over recent months - and give our view on how they look going forward.

We should first start by saying that the view we shared in late summer was that the US market (a great influence on our Canadian markets) would rise during fall of last year. In reality, the US market and many world markets, after making a sharp correction in August, have rebounded and moved sideways for months. The inability of markets to make headway, along with the great amount of volatility, have fed into investor fear and dampened sentiment, creating conditions that may very well allow markets to surprise to the upside.

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