Nuclear Update Premium September 27, 2025

Breadth is narrowing, small caps are weak, and defensives are rolling over. It’s the kind of setup that usually signals fragility, not strength. Yet markets keep grinding higher, because liquidity remains the dominant force, and the Fed’s recent shift has kept the tide moving. Meanwhile, uranium just flipped into backwardation for the first time in a year. Spot is running hotter than term, SPUT is cleaning out sellers, and YCA is upsizing to scoop pounds straight from Kazatomprom. Utilities are getting cornered, and sentiment is running hot.

Author

Fredrik Lundstrom
September 27, 2025

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