Monday, June 27, 2011

Trade Update: SLV

We were stopped out of SLV today at $33.69. You can see on the chart how it broke below its 100 day moving average initially, then struggled back up to the 100 day moving average. But when it gave up the ghost, showing what a good guide the 100 dma has been. Since the gap down below $35 it has formed a down trend. Right here SLV looks like a good short candidate, perhaps all the way down to the $25 zone.

Buy full SLV at $35.39
Stop out at $33.39

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