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North American Energy Partners Inc. Message Board

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  • chemaes44 chemaes44 Aug 8, 2011 3:48 PM Flag

    Silver and SLW

    As much as I hate to do it, my risk management rules tell me I have to take some losses today.

    So, I booked $7K loss by closing some of my silver position. I'm keeping the other part hedged and holding.

    That $39.43 level was breached to the downside. And I took action but tried to trade it today. That is a bad signal. but not only that, gold's price action was robust and for 2 or 3 days now, silver hasn't followed. The last time this type of divergence, with these magnitude moves happened, silver was sold down another 30 to 40%. I can't risk that. I don't believe it will happen but beliefs are for church folk.

    I'll watch tomorrow and get back in if the numbers say so.

    Dow down 6% for the year.

    Nasdaq, S&P and TSX down between 11-15% year to date. It hurts to buy and hold.

2.52-0.06(-2.33%)9:32 AMEDT