CCJ rallied another +2.5% overnight, with the $US17bn uranium business testing its 2011 levels in the process. Taking into our outlook for uranium we believe this is a rare scenario where we should simply sit back and enjoy the ride – in terms of global markets 3% exposure is high but it’s never enough when stocks surge like CCJ.
- We see no reason to fade the advance by CCJ around $US40, although it is due a rest, we hold CCJ in our International Equities Portfolio and will likely add to the position into any corrections.