TA is my specialty and I have found it helps me separate my emotions away from the trade when it seems almost impossible to do so. The RSI (my favorite indicator) is now at 38 which from a 5year chart historically gives you a minor support (yes rsi has supports since the price is what determines it ultimately). Usually, a break of this level sends the RSI to a max low of 32 which gives us a downside of about 30-50cents. The upside is much greater so look at next week as a huge buying opportunity on the two biggest take down days on Wed. and Thurs. at between 1030-1115 which I have noticed for the last year has been the lowest point for gold and silver on treasury auction days. Regardless, when everyone becomes short the trade it tends to get crowded....keep your head on straight longs.
You shouldn't be backing up any truck.
My philosophy is to NEVER, EVER catch a falling knife. hope that doesn' sound too strong or like I'm preaching or anything. I haven't been to church in about 5 years, I don't think they'll allow me in.
You buy the pullback on a breakout.
At this point, SLW USA looks set to maybe, maybe tackle $16.50, then it will back off, probably not penetrating it, pulling back into the 15.75 to 15.00 area (this does not mean buy) before making another attempt up. On this second attempt, SLW USA will move to a resistance point that will likely have moved to $15.75 and then, and only then, if it breaches this price to say above $16, backup the truck up for a ride to 17.25.
This is how SLW typically cycles, but if the dollar does something unusual, all that was wrote becomes worthless.
Of two of the market makers I like to watch on this stock, one bought $1.2 million in shares, and the other bought $0.5 million, not-a-lot to get excited about but, noteworthy. Now, since I haven't been following SLW details tightly for a while, I don't know if it was a short cover, or a legit long position. Either suggests a turn. In my opinion it was a cover because when these guys go long, they do so with larger amounts of cash, than when they are covering shorts.
No problem, some days I just feel like yapping away.
Covered my oil shorts, and am slowly entering on the long side of my oil bull etf.
Might be good for 3-5% at least over the next couple of days or move up into inventory numbers wed at 10:30
The market is trying to figure out which way it wants to go.
When the market opened, it opened with a strong bullish bias. Now, the bias has backed off considerably but is still, by the smallest of margins a bit bullish.
Standing at the proverbial cliffs edge is my opinion, trying to figure out whether to step forward into the abyss or back.
I think the direction will be revealed in about 30 mins
What? Tech guy..no mention of the huge volume last week..Doesn't that tell you something? Look at the last 5 big volume spikes and what happen shortly thereafter? Do you need a guide book?
Volume spikes are often high at beginning of a move or at the end of one. How many shares trades last week? Double average I'd bet without adding 'em up, but I will if you like..
Fundamentally this is rotation to stronger hands wouldn't you say..You think these buyers are going to bail at 14? No way..they are in this puppy for a 20+% ride. I, for one, am joining them. Let's all hold hands to 1คสฟืกใใ..
Disclaimer: I ain't right all the time...:)
as you can plainly see by viewing the chart held up to the mirror upside down we are aproaching a vector formation that is aligned with the moons of venus thru saturn. this is a very troubling signal as the reverse reach around formation comes to full effect on the third moon of january. buyer beware!!! the future is uncertain at this point in time!!!