My wife's entire IRA is SLW from the $5's.
I don't think price will hold on silver at close today. I have made a fortune in my trading account. I love this stock and its long term fundemnetals . . . but, that said, I still shorted 4000 @ 11.035. Just a short term scalp . . . who knows it might be mine.
I was wrong.
Because I told you I would, here is the situation . . . I bought offsetting amounts of SLW so that I could hold over the weekend. This locks in a loss of $810.00. I think it may take a while to unfold. If I was wrong about the correction then my earnings today (from my other trades) are protected and as soon as a clear trend develops then I am ready to act.
Many of us on this board believe that some kind of correction may be in order and we all know how fast it falls to fill those gaps. On the other hand . . . any number of events could ignite the whole sector in an exponential rise.
I know of some commoddity (sp?) funds and all asset funds, check PIMCO, but nothing that is silver specific. There is for gold, so I would think maybe after the ETF comes out, silver would as well?
I usually dont sell on fri just because of the bad news that may turn up for the weekend and you should always look how these stock trade at the end of the day. They have a pattern and it may be up at the end of this day since the etf is right around the corner.
This etf is a traders dream.
Earlier today I asked if anyone knew of a silver mutual fund. My reason was to better judge SLW against the industry and also to find laggards.
Of course every time I find a laggard it is a laggard for a reason and after I buy it, it stays a laggard.
I also trade and sold slw at lows to only buy back and have done the same with cde so i dont really lose anything and i gather more stock in the process on the profits if you can understand that.