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Silver Wheaton Corp. Message Board

  • chemaes44 chemaes44 Oct 26, 2010 10:38 AM Flag

    H & S

    Is SLW forming the right shoulder of a head and shoulder?

    Overnight did the dollar just negate its head and shoulder from several hours ago?

    Keep 78.19 in mind for december dollar index which is currently at 77.67.

    Answering these questions for yourself will be useful

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    • There goes 78.19!

      • 1 Reply to teahupoo12
      • The USD index is pressing right up against resistance after an almost 65 hour rise taken on a 5 hour basis. I think speculative money is getting long commodities right now, covering shorts, for a dollar correction or consolidation tomorrow. I believe it is short lived correction in preparation for more dollar rally, but who knows. It (dollar) does need to let off some steam on a 5 hour basis.

        So, i covered my shorts in commodities. Whether I decide to take a long position in some commodities, I'm still thinking on it.

        It gets my goat when people say they had a successful trade after the fact. One of the things I do is, post exactly what I'm doing before I do it, almost each and every time. I post prices that SLW or silver will achieve.

        I posted this dollar move theory a day or two ago. I'm posting I've covered my short today, and tomorrow will likely be a small dollar correction.

        To whomever it may concern: who do you think you are fooling by saying, I didn't loose any money on any of my trades yesterday, the day before or the day before that, if you NEVER say what you are going to do before you do it.

        Geez

        good trading

        Chemaes

    • Chemase, any technical rally in the dollar will be short lived. FOMC meeting ending 11/3 should reveal results of Bernanke QE2 decision. If everyone is surprised with an announcement that QE2 will not take affect until sometime in the future, then the dollar will likely get a tremendous boost. Otherwise, dollar will continue it's descent into hell and PM's will continue to gain.

    • Last but not least..interesting that our Copper brothers are taking a beating today, ex.,FCX down over $3.00. We've got some pretty good support at these levels.

    • By the way,..LODE is impressive! ! Been with it for the last couple of years.
      Taking off because they have their ducks in a row.

      Evidence is in the Pudding!

    • As for the dollar..I don't think we have evidence (NEWS) to stimulate inflation...to me todays action just filled in the gap!

    • I think SLW is undervalued and the dollar was due a bounce..what I don't think has changed is the Fed's ceasing the printing of money it is not the long term cure for what ails the US and we are putting the inevitable...returning to the gold standard.

      “The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. There are distinct kinds of gold standard. First, the gold specie standard is a system in which the monetary unit is associated with circulating gold coins, or with the unit of value defined in terms of one particular circulating gold coin in conjunction with subsidiary coinage made from a lesser valuable metal.
      Similarly, the gold exchange standard typically involves the circulation of only coins made of silver or other metals, but where the authorities guarantee a fixed exchange rate with another country that is on the gold standard. This creates a de facto gold standard, in that the value of the silver coins has a fixed external value in terms of gold that is independent of the inherent silver value. Finally, the gold bullion standard is a system in which gold coins do not circulate, but in which the authorities have agreed to sell gold bullion on demand at a fixed price in exchange for the circulating currency.”
      Wekepedia

      Buying on the dips as the cash is available!

    • So far, the dollar has reached 78.04. My target was 78.19.

      Here's what to watch for.

      I think the market is watching the dollar index to see if it gets up and by 78.19. If it doesn't the dollar will have put in a daily H&S and is destined for lower prices with commodities higher. this is why I believe commodities are holding up a bit against this dollar rally.

      However, if the dollar get's by 78.19, this suggests a likely rally in the dollar, and the H&S is negated. Given most of gold's move were almost all dollar related, a sustained rally to 80 or 81 in the dollar index will take the dollar down hard, bringing silver along for the ride.

      Ignore this setup at your own risk.

      It is possible commodities will rise with the dollar, but it isn't a likely scenario.

 
SLW
26.02-0.41(-1.55%)Jul 24 4:02 PMEDT

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