Interesting that there are still so many U38 shorts. Frank Barbera has suggested he thinks the bottom is either in or soon in for Uruanium stocks and he feels that it will be an opportunity. He doesn't suggest getting in just yet but soon and he's watching them.

I've added a couple back to my watch list.

Adding to your theory, Nat gas was extremely heavily shorted which surpressed it. Had Amaranth hung on for just another year they'd be ok but instead they got killed by the shorts. I've read where GS did this deliberately (Or was it Lynch?). Either way, once the shorts got their bottom nat gas has been rising ever since.