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Silver Wheaton Corp. Message Board

  • we_are_borg we_are_borg Nov 18, 2013 4:34 PM Flag

    Trading News

    Speculators Slash Bullish Gold, Silver Futures, Options Positions – CFTC

    Quote today from KITCO's Debbie Carlson :

    "Managed-money accounts slashed exposure to gold futures and options, decreasing their net-long positions to 55,456 contracts, the lowest level since Aug. 6. This was the second week in a row that net-long position declined. Managed-money accounts cut 4,580 gross longs and added 27,653 gross shorts. That means not only are speculators getting out of bullish positions, they’re putting on bearish positions. "

    From Jim Wyckoff: "Gold Down; Bull Run in Stocks Pulls Money Away from Other Assets"

    "December silver futures prices closed nearer the session low and hit a fresh 3.5-month low Monday. Silver bears have the overall near-term technical advantage and gained fresh downside momentum today. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $21.45 an ounce. The next downside price breakout objective for the bears is closing prices below major technical support at $20.00. First resistance is seen at Monday’s high of $20.80 and then at $21.00. Next support is seen at Monday’s low of $20.29 and then at $20.00. Wyckoff's Market Rating: 2.5."

    JMHO: Expect slow trading starting next week as traders take extended holiday breaks. That's why I think SLW will be spinning its wheels at least until after the holidays.

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    • Thanks for posting this news.

      Just a thought, maybe they are getting out of the options and getting long the stock to acquire the dividend coming out next week. Also, with fewer traders, and thinner volume, strong movements in price can more easily happen.

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