by Raghu Gullapalli - SmartStops.net contributor SLW, SLV After an extremely volatile week, what can we expect in Silver from the week to come? If you’ve read some of the same reports in the blogosphere I have, you may want to try your chances at Russian Roulette; your odds of success are higher. There are a couple of metaphors I especially enjoyed:“Dead Cat Bounce”“Gap and Crap”“Silver takes the stairs up and the elevator down” At the end of its move up, Silver was on a rocket. The entire world was in a frenzy, from the taxi drivers to my Mother. That was the big clue.“Sell on excitement” And that’s exactly what, George Soros and Carlos Slim among the most notable did. They started exiting their Silver position when it made new all time highs. In some ways the death of Osama Bin Laden may have been the catalyst many experienced investors sought. One last spark to bring the market to a fever pitch. Now what? Well after a week where Silver lost almost 25% of its value, it hard not to take the value of Risk Management seriously. This morning Silver Wheaton (SLW), the miner, come out with it quarterly earnings. According to SmartStops.net, the short-term stop is $34.05 and the long-term stop is $32.93. iShares Silver Trust (SLV) may experience the afore mentioned “Dead Cat Bounce” wherein the price bounces up from last week’s lows, making a woeful attempt to break the down trend and then continues downward. The SmartStops.net short-term stop is $33.68 and the long-term stop is $31.10 Disclosure: Author has no positions in the mentioned symbols.
updated May 09, 2011
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