The chart below shows the price of Uranium (black line) vs an ETF of Uranium miners (Global X Uranium (NYSE:URA)) (green line) as well as Cameco (NYSE:CCJ), the largest uranium miner in the world (purple line). ]
We see a bit of a divergence here, in that uranium is reaching new lows while miners are not.
I'm not sure what to make of this, if anything at all. It does remind me a bit of how gold miners have started to outperform Gold since the price of gold reached a double bottom at the end of 2013. The chart below shows the ETF's Market Vectors Gold Miners (ARCA:GDX) and Market Vectors Junior Gold Miners (ARCA:GDXJ) vs the price of gold year to date.