I always watch the Yahoo! forums, but this is actually my first time posting, and I gotta tell you, I'm panicking. I bought at 39.53 (Yes, I feel like an idiot right now and before a useless person asks, it's working out horribly for me) and I've taken quite a massive hit, especially that the amount of shares I've purchased is quite enormous. So here I am, asking your opinion (for the short-term or long-term), how long will this suffering continue?
There was a pretty large volume at the close just now, so what do you think will happen tomorrow morning?
Don`t worry corewizard, we are going much higher than your buy price of 39.53 - don`t sell at a loss, you will be playing into their hands (the MM`s). Read the blog from the link below and you will feel much better.
My humble suggestion is scan the message boards and do the opposite of the masses. Two weeks ago the dialogue was silver price to $50 and SLV to $60-80. I should have sold more before the fall. This morning sky is falling fear mongers were spouting about a collapse of SLV to $20's. Instead we see a rebound. The majority of people on these blogs are mindless lemmings. Use the blogs to judge the "animal spirits" only.
What everyone says here is correct. I'm down 5g's but holding on. You can all guess as to why this has happened and many valid explanations but don't forget why you bought this stock in the first place. Motley Fool calls this stock the next $100 stock. There are too many big names out there that love this stock and all you have to do is look at the fundamentals, the cash on hand, the structure of the company, their cost basis, and the future miners that haven't even reached their full potential. Not to mention all the other economic indicators that will bring this stock to the sky. SLW will be back, if you want proof go back to August and see what happened after the last shakeout. Nothing to worry about my friend. Stay long and strong and mark these posts so in June when you are up 20% you will be happy you listened.
What "massive hit" are you talking about? Look at this chart of call options at $40.
Expires Symbol Last Bid Ask Open Int
Jun 11 SLW110618C00040000 3.10 3.05 3.10 3,597
Jan 12 SLW120121C00040000 5.77 5.70 5.80 3,719
Jan 13 SLW130119C00040000 9.90 9.10 9.95 1,333
Tomorrow morning sell 6 June 11's for $3, 9 Jan 12's for $5.60, and 11 Jan 13's for $9.75.
You should have a stack of money at the end of that trail. If you've faith in this stock, sell Jan 12 45's and Jan 13 50's same spread.
Hold the dry powder to defray margin and gut it out. Takes a couple years, but you should be about $30k higher if the stock closes at $40 by next year.