I meant the most recent gap down, with dividend around 1.31. Looks like they had a special dividend or something like that.

Yes, the $VIX will usually fall when stocks rise & following the recent breakout/spike that coincided with the mid-Nov thru Mid-Dec correction in the stock market, the $VIX is now pulled back to just above the 16ish support. My guess would be a backtest of the downtrend line & 16ish support level followed by another spike up sometime earlier in the new year with the negative divergences in the equity markets playing out for another leg down in the stock market.

Certainly possible as URA is & has been trading at (i.e.- holding) the 23ish support for weeks now. However, chalking up a 29% drop to an adjustment for a dividend payout… not so sure about that one.

Those bullish on the uranium stocks could certainly make a case to go long here at support with a stop below the recent lows while those bearish could either wait to short another bounce back into resistance or a solid break below the recent lows.