timwest

SLV _ 3rd update _ EXIT LONGS From Sep 26th open near $28

AMEX:SLV   iShares Silver Trust
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Silver has had a rebound from deeply oversold back in late September. On Friday, September 23 Silver had fallen from $39/oz down to $30/oz in just two days. The next day, Monday, Sep 26, SLV opened UNDER $28 and has not fallen below $28 since then. The high of the rebound is slightly over $34. However, this rally is weaker than you would expect given all of the news out of the Eurozone and continuing dubious Government fiscal responsibility around the globe. The 6 week recommendation on this last SLV idea was nearly 20% with risk less than 7%. I am considering a short position going under the $33 level with a $36 stop initially.

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