02Jan11:15 amEST

Be a Leader; Chess Moves

steve-mcqueen-amazing-chess-pieces I went long SLW, premier silver miner Silver Wheaton, at $20.69 just now, placing 4% of my trading portfolio capital in the name. My protective stop-loss is set below $19.80. I am impressed with the upside reversals in the precious metals and miners this morning, while equities in general have reversed lower. Metals and miners have been sloppy of late, but there is no denying the resilience of buyers to step in just when things looked quite dire. SLW is a leader in the silver mining complex and is acting like it this morning. I like the risk-to-reward ratio in playing for an upside move early this year. $22 is the nut to crack above, seen on the daily chart below highlighted by the purple line. But the light blue lines show a potential inverse head and shoulders major bottom still in play. SLW  

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