26Jan2:48 pmEST

Back in a Classy Silver Play; Chess Moves

napoleon2__23297 I just went long SLW at $23.36 with a stop-loss below $21.80. This position equates to roughly 4% of my trading portfolio capital. I am playing this premier silver miner to continue to upside. I had previously traded SLW as it tried to emerge from the highlighted inverse head and shoulders bottom, seen on the daily chart, below. Miners have, indeed, staged an impressive rally in recent weeks before consolidating a few days. I have been trading around the complex on the long side as bulls still need to continue to build their case for a multi-year bottom in place. SLW continuing up to its $27 measured move target (taken from the sheer size of the inverse head and shoulders bottom) would almost assuredly be a right step in the bullish direction, longer-term. After the last few days of pulling back, lighter volume I might add, the stock is staging an upside reversal today with miners in general leading the precious metals. Thus, I am taking my shot that the upside will resume imminently. SLW

From Russia with Head Fakes Stock Market Recap 01/26/15 ...

 
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