That old adage certainly applied today as uranium stocks were ‘sold on the news’ of the flood at the Ranger Mine in Australia, which pushed uranium prices even higher.

The fact that uranium rose to $90 per pound would appear to have been a sell trigger for this scare commodity along with a 200 plus point drop in the DOW.

What do all the people who sold do now, we wonder? This is not the end of this Bull Market by a long way so sooner or later they will be back. The question for them is when to jump back in. Most will have sold without a re-entry strategy firmly in place so they will probably leave it too late and come back in at higher prices than they have just sold for.

We were not profit takers today as we decided beforehand to stay with what we have as we are convinced that uranium will continue to climb and our uranium stocks will be dragged up with it.

Sleep tight.

13 March 2007