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« Silver: The schizophrenic metal | Main | Silver Takes a Hit »

Silver Standard Resources Incorporated: Bottomed Yet?

ssri chart 06 Feb 2010.JPG

A quick look at the chart and we can see that Silver Standard Resources Incorporated (SSRI) may have found its bottom when its closed today with a gain of 6.35% but one swallow does not make a summer so it could be a little early too move on it. The RSI dipped below '30' but has managed to bounce back with the STO and the MACD still in the basement.

The news that Robert A. Quartermain had resigned as President and CEO of the Company effective January 19, 2010 has cast a small shadow over the company in that the market does not like uncertainty and this position needs to be filled by the right person for the job. SSRI is still a great company so we will need to watch it closely as a bounce back to much higher trading levels could be on the cards.

We were contemplating venturing into the options market with a play on this stock however it was between this stock and Agnico-Eagle Mines Limited, with the old buzzard winning out this time. Eagle's options are now up around 17% so we got lucky but we will be back for this one, so watch this space.

Silver Standard Resources Incorporated trades on the TSX under the symbol of SSO and on the NASDAQ under the symbol of SSRI.

All the best.

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Reader Comments (2)

I'm wondering why he would resign? He built that company from almost a penny stock into what it is today and he resigns without having a new CEO in place? Something's not right about this.

February 6, 2010 | Unregistered Commenterdaveydog

Agreed, until its resolved it will be a bit of a drag on the stock price.

February 7, 2010 | Unregistered CommenterSilver Prices

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