My position is clear. I'm short. All of this talk about breakouts to 50, to 100 -- yeah, go ahead and buy now, right before earnings. Go ahead.
Long term trends, I agree.
But go ahead and buy right now.
It is tempting to sell, after this run-up but where are you going to put your money? Cash yield's nothing. Long term bonds are in the greatest bubble, as they have been in a lowering yield theme since 1981. Silver had it's big crash when the Fed forced interest rates higher in 1981......still down alot from 50 dollars an ounce back then also. Everyone and his brother are afraid of another 2008 for SLW, but the Fed will not let our economy do that again! At least with what they can do.Don't fight the Fed, as the ole saying goes.
I bought in at 20.10.
I also bought SVM at 8.60.
These were 2 weeks ago. People were laughing at me.
Who's laughing now?
Go ahead and buy? You taunt me? Hahahahahahaha! Sure, I'll buy! Hahahahahaha
Who's laughing now... it's me
"yeah, go ahead and buy now, right before earnings. Go ahead."
jpmarketer: If earnings were going to disappoint they'd have signaled it already. I think Earnings will be good. If they are, SLW will really be off to the races.
I give you credit for reporting your short in real time, but IMHO that short is not a good bet.
MV eric - I appreciate your opinion re my short today (opposite of my opinion). I'm averaged now at 20.42, and I hung in there even when it peaked in the '90's today.
MV eric, you got a lot going on, so do many posters on this board. Even the prolific mayor who holds court every day. Alot of great stuff on this board. Alot of good stuff today!!!!
I feel like I'm in the midst of a bunch of good guys (and gals) who are long in this fantastic proposition (silver and SLW). I come in, opportunistic for a day here, an hour there. Sometimes long, sometimes short. It's not a commentary on the quality of this company - or on your longer term trades or option plays. The attractiveness of silver is what brought me here in the first place.
But the poster who told me, "You can't make money shorting this stock," bullsht. I've made nice money this year doing exactly that -- both short and long.
And LEO -- Don't personally go bonkers on me becuase I'm on the different side of a trade than you. Shorters, by their nature, are dark people, and I understand the aversion to a position that is directly contrary to yours. But I'm in, out, opportunistic -- it's the beautiful thing about online trading, that I can do this around my 9-5. Don't make me wrong for being on the opposite side, it's a market, a game -- not a personal affront ot you or anyone. Stay long and strong, you'll do well with Silver Wheaton and whomever you are, I wish you well.
But for my part, I just saw this thing rocket 3 bucks in 3 days, my thesis is flight to safety is waning, and my bet is this thing tanks hard in next few days and gets significantly below 20.42. Good luck to all, no pump/no bash and PEACE to that guy born in '72, for that, I'm envious.
Hey there JP, i understand your strategy. Let me dig a little deeper to see your thoughts. I was tempted to go short prior to the gold and silver highs, thinking a the resistance would push gold and silver back for a quick 3-5%. However, the action was strong and didn't look to me like it would pull back.
In Dec 2009, the closing print high was $2212 gold, with intraday at $2227.
Similarly, in Dec 2009, silver had a closing print at kitco of $19.19 but intraday high of $19.50.
Now had gold and silver walked up to $2212 and $19.19, respectively, then backed off. I would understand the logic of going short for a potential 3-7% pullback pick up before another attempt at the highs.
Now, to be a technically pure breakout, golds closing print today would need to be at least 1% higher than the previous high, or $2234. June gold intraday'd at $1235 and closed $1233, which is all that matters for programmed trading. Gold is going higher it seems.
Similarly for silver $19.44 was the magic number, July silver hit $19.42 and closed $19.37. This is a little more if'fy to me because it came within pennies.
Your strategy was sound prior to the prices breaking upward, but after they did go through, did you cover?