Bottom of the cycle is in Nuclear reactors are not going away, Japan will eventually restart all quitely. The deal with China and India for Canada to sell uranium, that Harper signed this spring, was for a reason, there will be 200 more reactors built in the next 15 years. Russia has realized it will need every pound it has and will stop selling it's stock pile of weapons grade to western utlilities at the end of this year. The Russians also taking UUU over proves they are going big on nuclear too. They're even building 2 Russian reactors in England go figure. There will be a surprising major bull market since uranium mines are hard to get approval. That means a shortage will develope and $ per pound for even long term contracts will rise.