So in the US, slw broke above 45.60 and in canada it broke above 45. but after all this time of waiting below these prices, you would think the prices would REALLY take off once they breached upside, they haven't.
I gave a target of 40.92 silver but there is one before it at 40.72. This has the makings of maybe being a trap in SLW with the previous tops holding.
With this amazing run of silver this week, institutions will take profits heading into the weekend.
The double etf is up 0.8% more today than SLW so it was a wise call for me.
Before market open yesterday I gave two price targets to watch for during the day: $40.72 and $40.92. Silver had it's only meaningful correction during the day at $40.77 and then closed at $40.93.
Because my numbers are so bang on this tells me heavy algorithmic trading is going on in silver and be forewarned, the machines don't care, when their signals tell them to sell it will be a very difficult time for folks who can not consider anything but buy and hold strategies.
The silver etf i have closed up almost 6% compared to slw closing up under 3%. So this call worked out well for me.
Hi chemaes - thanks as always for your input. Looks as though you have a friendly bunch here on this board,and willing to share their ideas on making a buck in this market. I remember you saying you were from Canada but don`t remember if you still live there, anyway I was trying to look up HZU and couldn't find it. I know that it trades on the TSX (HZU.TO) but can you buy it here in the US? Also do they have a similar ETF that is not leveraged?