Our sp movements can largely be explained by (∆yellow cake price...

Our sp movements can largely be explained by (∆yellow cake price +/- ∆SWU price +/- ∆technical risk +/- ∆regulatory risk).

Because news on regulatory and technical developments is very intermittent and lumpy, most days can be fully explained by (∆yellow cake price +/- ∆SWU price), but it would be a HUGE mistake to think that is the whole picture because the big permanent moves are all related to regulatory and technical developments.

Flitting in and out of the stock in the hope exploiting some small mismatches between the sp and the u3o8/SWU prices is a great way to get left behind when the next big announcement gets made.

For a good example of this: see Stefffi.