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Silver Wheaton Corp. Message Board

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  • jermarge2000 jermarge2000 Apr 29, 2011 1:38 PM Flag

    Imminent Corrrection in Silver?

    Long way to go up still.

    Shorts are still in a mental bubble.

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    • Long way to go up, but it won't go in a straight line... THAT would make it a bubble; when it's in a mania and everyone's getting in regardless of price.

      The fact that there is the potential, and likelihood, that we will see a pull back on the spot price of silver in the next couple months is fantastic news. There isn't really any support in the 40s for silver, so the smallest bit of bad news could bring us back to ~37 or even the 200dma (~30). I welcome it! I just bought an options spread with SLV out of the money calls and puts. The ideal case is a spike up before the drop, but I dont see that as likely as a failure to take out 50 again and seeing a sell off.

      There is a lot of money currently on the sidelines waiting for a dip to get their buying opportunity...

      The silver market is overheated and the more it goes up without a correction the harder it will fall when it does. Slow and steady wins the race!

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