On its third attempt to break out above the $14.00 resistance level Pan American Silver Corporation finally managed to do it and closed today at $16.68 today. In anticipation of this move we placed orders to purchase Call Options on PAAS but unfortunately they were not filled. We increased our bid but PAAS took off a tad too fast for us and the premiums required started to look expensive so we with drew from the bidding contest. A decision we may come to regret as silver has come to life and stands at $11.28 as we write.

As we can see from the above chart of Pan Americans stock price the RSI is close to 70, the MACD has had a good run and the STO has just passed 80 so maybe patience is the order of the day.

If you decided to make a purchase after our last post on PAAS on the 14th December 2008 then give yourself a pat on the back you have done well.

Pan American Silver Corporation trades on the NASDAQ under the symbol of PAAS and on the Toronto Stock Exchange under the symbol of PAA.

PAAS has a market capitalisation of $1.35 billion, a P/E ratio of 15.91 with 80.77 million shares outstanding and an EPS of 1.05.

Have a sparkling day.

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