Thursday, January 04, 2007

Uranium Stocks Correcting

As the TSX shrank >200 points and the Venture Exchange gave away proportionally even more, uranium stocks were crushed alongside. None of the top 20 market cap uranium juniors escaped unscathed except for URANIUM PARTICIPATION CORPORATION (TSE:UPC). Some, like ALBERTA STAR (CVE:ASX), shrank by double digits. Even relative heavyweights in the uranium sector like SXR URANIUM ONE (TSE:SXR) gave back over 8%. As I alluded to yesterday, a correction looked impending, both for uranium stocks and the broader market. One of the best comments I heard yesterday was an analyst speaking on RoBTV who said that the bearish trend might continue for a little while, because you do not just drop >200 points one day and expect things to return back to normal the next. In addition, I also hinted yesterday that dips might represent buying opportunites for uranium stocks and I personally am hoping to find some bargains in the trough of the correction.
 

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