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Silver Wheaton Corp. Message Board

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  • lancekoliver lancekoliver Sep 26, 2012 12:54 PM Flag

    Ag going to 33.19 i think

    Hi Chemaes. Did you get out of your short position? I bought some SLV calls, so I'm hoping you're not still expecting $33.19.

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    • To be honest, no I haven't.

      33.86 is the line in the sand, if it goes above that for 15 mins, I close the short with a smaller profit than I thought.

      I'm pretty surprised it's risen this high. this jewish holiday thing must be a factor.

      Either I'm very wrong on 33.19 or there are some really crazy silver speculators out there who pay no heed to anything rational. Gold is as 1750, after falling through to 1740. 1750 stopped a lot of longs out, and the turn back up should have resulted in shorts lining up at 1750 and left over stops trying to sell at the 1750.

      The dollar shouldn't have gone higher than 79.94 but it did to 80.07. That means it's still bullish with a downside to 79.88. If it falls through that 79.88, I would close my short.

      Oil looks set to go from current 89.44 to 88.29.

      All these things are being ignored by silver specs and the move up in price for silver has been on unbelievable weak volume. regardless, if silver punches up through 33.86 I have to close it down. I won't go long though because the setup doesn't inspire confidence, at least to me.

      This is actually a perfect place to short, because if silver moves 6 cents upward you stop out for nearly no loss, but the potential down move could generate huge profits

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