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« Silver Wheaton Corporation: Sold Dec $35.00 Call Options | Main | OptionTrader Closes 5 trades: Average Profit of 94% in 18 days »
Tuesday
Oct192010

Silver Prices Drop Almost 4%

Silver Chart 20 October 2010.JPG



On a day when China announced its intention to raise rates the markets responded in a dramatically negative fashion, with across the board profit taking in most sectors taking each sector down.

So, taking a quick look at the chart we can see that silver prices suffered a sharp pull back today dropping by almost 4% or nearly 1.00/oz. As far as we can ascertain the trend is still intact and the fundamental issues supporting silver prices are still in place.

The RSI has slipped below the '70' level which renders it a little less overbought than it has been for the last few weeks, however the MACD and the STO are now turning slightly towards the negative. The performance of silver over the next few days will give us some indication of whether or not we are in for a serious correction or a period of sideways consolidation.

The bull is kicking and snorting at the moment with the intention of throwing some of us off, resulting in a transfer of the assets from the hands of the weak to the hands of the strong, thats its job. We have been here before, many times in fact as this bull market has unfolded and then, as now, we just gotta hold on tight and go through it, as far as our core holdings are concerned. Our short term plays are a different matter and something we will look at, as we do, on a daily basis. The same old question pops up, whether or not to sell, hold or buy, either way the decision making process needs to be an orderly one, despite the white noise that goes on all around us.

Back to our latest venture which was the launch of an Options trading service we are pleased to report that it is going very well so its a big thanks to all those who have signed up for it and the supportive emails that you have sent us.

Our premium options trading service, OptionTrader, closed 5 trades last week, banking profits of 100.00%, 101.34%, 101.49%, 85.05% and 81.43%

SK Chart 17 October 2010.JPG

The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.


Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.



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Reader Comments (7)

Hello,I want to sign in to the options trade.

How do I go about it.

John.

October 20, 2010 | Unregistered Commenterjohn Fairlie!dAVIES.

My partner Sam deals with these issues so I have passed it over to him, he should get to you shortly, please be patient as we have been swamped.

October 21, 2010 | Unregistered CommenterSilver Prices

John,

I am assuming that you have tried to enter your details into Paypal and had some sort of difficulty.

October 21, 2010 | Unregistered CommenterSilver Prices

what's up Team? Did you sell calls Dec/10 of SLW or you are now in negative teritory. What 100% gain?

October 21, 2010 | Unregistered CommenterMike SR

Mike,

No we did not sell - missed the window of opportunity, we were in a good position but the last few days have taken us back to square one. We are working on it and will report soon.

However, the options trading team made good use of stops which locked in profits for them, the charts will be updated this weekend.

October 21, 2010 | Unregistered CommenterSilver Prices

Hello,Yes Sam I cannot seem to be able to enter.

Please send me Application Details so I can enter.

John.

October 21, 2010 | Unregistered Commenterjohn Fairlie!dAVIES.

I would have thought more people would be investing in gold lately as a means to protect themselves from another financial plummet.

October 22, 2010 | Unregistered CommenterJays silver jewellery

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