Cameco Corp (CCJ) – The uranium industry has been hot this year with URA ETF up 85% year to date and it’s just now heading into the seasonally bullish time of year for the commodity. The Uranium ETF URA has been up 4 of the last 5 years in November and December for an average gain of 7% and 6% respectively. CCJ is one of the largest public companies that produces Uranium and has a market cap of just over $10B. Cameco has been higher in 5 of the last 5 Novembers for an average return of +8.6%. Even going back further in its history, the last 20 years has shown a positive return in November 80% of those years, for a gain of +7.2%. December returns aren’t too bad either, up 68% of years for an average gain of +4.5%. The stock has been trending up since its big breakout in late August and has retested that top of monthly value this week. Bouncing off the 21 EMA and a bull flag forming points to a continuation higher with a likely eventual target at 30. Interestingly, looking at the long term chart shows an open gap up near 37 from back in 2011 that it never filled. Longer term could be a further target if the trend persists. CCJ saw recent call spread buyers positioning out in January and March with the Jan $29/35 call spreads bought over 5000x on 11/9 and also March $34/41 call spreads bought.