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« Silver Prices Sparkle Once Again | Main | Silver Wheaton Corporation: The $100.00 Stock »

Silver Wheaton Corporation: In Anticipation of Good results

SLW Chart 08 November 2010.JPG

We think that we have said enough about Silver Wheaton Corporation (SLW) for you to get our drift so today we will take a quick look at the chart and tell you about our latest move.

SLW has put in a fantastic performance of late on the back of rising silver prices and increased volume of shares traded which is pleasing to see and helped put a plash of green on our account. The technical indicators are back in the overbought zone again with the RSI at 78.79, which suggests that a correction could be due. Also note the gap between the stock price and the 200mda is a large one which makes us a tad nervous. Another point to observe is the gap in the progress of the share price which we don't like to see as stocks usually, but not always, return to back fill the space.

Lurking in the back ground we have some end of year book squaring coming up where various organizations will close out their positions. Now the December Comex expiry date falls in November so we may see some selling form now until then.

So we do have a few negatives to ponder and no doubt you can think of few that we haven't covered.

Now, this week SLW will the release third quarter financial results on Monday, November 8, 2010, after market close. A conference call will be held Tuesday, November 9, 2010, starting at 11:00 am Eastern Time to discuss these results. As we have discussed previously we are expecting some impressive numbers to be tabled for everyones consumption, following which there will be those who will take profits as they sell the news and others who will look a little further into the guidance notes and decide that this stock belongs in the stable.

As regular readers will know we are up to our necks in the stock and happy to be so.

At the moment we are reasonably confident that this stock still has a long way to run and so we have purchased a number of contracts of Silver Wheaton Corporation (SLW) which are the March 2011 contracts at a strike price of $35.00 for an average price $3.31 per contract. These contracts are 'out of the money' as the stock closed last week at $32.95 and the price paid is all time premium. We selected March 2011 as we expect silver prices to keep motoring through until February 2011 and this gives us time for these options to improve. In terms of an exit strategy the intention is to allow this position to run, however sudden spikes either way may well test our patience. So, if you do follow us in then stay in touch for our sell signal.

Silver Wheaton Corporation trades on the New York Stock Exchange and the Toronto Stock Exchange under the symbol of SLW.

The Company has a market capitalization of $11.33 billion, with 344.00 million shares outstanding, a 52 week trading range of $13.04 to $33.66 with an average volume of 7-12 million shares traded, although spikes in trading have seen 14 million shares change hands.

If you have got something better then please tell us about it, if not, then please give some consideration to joining our winning team.

This brings our total of closed trades to 38, with 36 winners. This means that a subscriber who had invested $1000 in each of our 38 trades would have banked profits of $15,636.00. We have just posted a set of charts demonstrating the importance of timing in any trade on gold-prices, please click here if you are interested.

SK Chart 23 Oct 2010.JPG

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

So, the question is: Are you going to make the decision to join us today?

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.

To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)

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Reader Comments (4)

A good start in this trading session - SLW is up 5.3% and our options are up 34% so far, go silver go!

November 8, 2010 | Unregistered CommenterSilver Prices


SLW closed up 6.43%, all we can do now is wait for the financial results to be broadcast.


November 8, 2010 | Unregistered CommenterSilver Prices

I'm watching the Manipulation Cirkus around SLW and today after market price hit $35.23. Congratulations Team guys.
Alredy market cap of SLW is about $12.5 billions, and SLW today can make about 3 times better proffit than two years ago,when stock price was $2.80 and currently SLW is priced 15 times higher? However You still thinking that SLW will going $100 like triplle ETF (FAS

November 8, 2010 | Unregistered CommenterMike SR

Officialy I put orders with 150 contracts PUTS DEC/10 strike $28 and 150 contracts PUTS JAN/11 strike $22.
I'm just waiting SLW price 37.5

November 8, 2010 | Unregistered CommenterMike SR

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