Posted by dallassteve on 10th of Mar 2011 at 09:52 am
I agree, saturn,
I am not shorting precious metals in this nervous market.
However, I sold my gold stocks a week ago and will wait and
see before I go long again.
I did short FCX at 52.3 on 3/1. H&S pattern looked
promising. I appreciate Matt and Steve looking at this in the
newsletters.
This was a swing trade, requiring a strong stomach.
FCX looks like a complex H&S, just now breaking below the
larger neckline. I'd like to hear what others think about
targets. One possible reading of the chart shows about 12
points, down to the 36 area.
There is too much risk premium built into Silver AND the Dollar
is strengthening which will add downside pressure AND most
importantly, the technicals on a daily chart are starting to show
neg div and Weekly RSI is sky high. I am short and think its ripe
for a decent correction
$Silver... Bearish Pattern...
Posted by saturn6 on 10th of Mar 2011 at 08:41 am
silver
Posted by dallassteve on 10th of Mar 2011 at 09:23 am
I've been waiting and waiting for a pullback. This run up has been too far, too fast, so it would actually be better if we got a pullback.
Nice charts.
Dallas - Agree...
Posted by saturn6 on 10th of Mar 2011 at 09:27 am
But would not want to short it. And Copper down 1.5% too.
short FCX
Posted by dallassteve on 10th of Mar 2011 at 09:52 am
I agree, saturn,
I am not shorting precious metals in this nervous market. However, I sold my gold stocks a week ago and will wait and see before I go long again.
I did short FCX at 52.3 on 3/1. H&S pattern looked promising. I appreciate Matt and Steve looking at this in the newsletters.
This was a swing trade, requiring a strong stomach.
FCX looks like a complex H&S, just now breaking below the larger neckline. I'd like to hear what others think about targets. One possible reading of the chart shows about 12 points, down to the 36 area.
There is too much risk
Posted by vimal on 10th of Mar 2011 at 09:24 am
There is too much risk premium built into Silver AND the Dollar is strengthening which will add downside pressure AND most importantly, the technicals on a daily chart are starting to show neg div and Weekly RSI is sky high. I am short and think its ripe for a decent correction
Any thoughts on how much
Posted by randy on 10th of Mar 2011 at 09:07 am
Any thoughts on how much of a correction ?