I may be wrong, but I think the shorts were scared of the recent run-up in uranium and gave the big heave-ho to protect their already huge short positions.(UEC may already be on the list of stocks with insufficient available shares to borrow short.) The chart for UEC shows the 50 day SMA right at and about to cross upward the 200 day SMA, and ahead of Cameco in this regard. Chaikin Money Flow had a huge run-up and is still positive. Stochastics and MACD don't look so hot though, and there is a gap around $3.52 that will likely fill. Some people view a down move on large volume as today as bad. I see it more as new buyers coming in to take advantage of a lower price, and thus support, especially where there is positive money flow.
Didnt expect a dump this big. News today was really no-news. URRE took a dump today whereas USU and URZ had outstanding days......Wierd.
The things this needs to move the share price up, in order of importance, is: 1) Another contract to sell their product 2) Spot price of Uranium to go up 3) PAA-2 to come on-line on or ahead of schedule 4) Improvement in margins