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Silver Wheaton Corp. Message Board

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  • chemaes44 chemaes44 Aug 25, 2010 7:47 AM Flag

    SLW Canada interesting behavior

    guys, thanks for your kind words but if I said this is what I thought would happen yesterday, I'd be a liar.

    Yes, gold and silver broke upward, and had SLW not opened so low, the move up in SLW caused by gold/silver's move would have made my prediction a little more bang on.

    I wasn't happy with how SLW closed out the day (canada or USA). It seems, to have some momentum, both should have closed over the five day moving average, but they didn't. Also, gold only needed to move $2 higher ($1237)on the day to have taken out resistance and REALLY PUT SMILES ON ALL OF OUR FACES. As of today, it went right to 1238 and backed off.

    Similarly, silver only needed to move 10 cents higher (past $18.54, or more precisely and to a minimum of $18.78) and I'd really be happy. Today it reached $18.55.

    I'm a bit concerned this was a bull trap. Get you all excited, jump in, then hard reversal the next day or two. IF silver breaks above the prices mentioned, not before, that is when I apply new money, this is playing it safely. Alternately, if SLW looks to exceed its previous year high for more than an hour I'll apply cash. If you should get caught in a bull trap history says the correction shouldn't last more than a week.

    My price points above apply best to futures prices on silver and gold (Oct or dec contract), and I haven't had time to look at them yet.

11.68-0.15(-1.27%)Sep 2 4:02 PMEDT