Sold 3 PAA.TO 10DEC Puts 25.00 @ $2.25, Mark $24.62, Loss 0.3%

Pan America Silver Corp. (PAA.TO) is making another run to test the short term high. Seeing that the volume is relatively higher on this test of $24.80 resistance (Figure 1) and that I have lowered my mental stop to $24.30, I have ditched this short position at a small loss at 10 am today. I am mostly in cash again. I still have a small bullish position in Kinross Gold. I’ll just be letting it run its course.

I have no idea which way the market is going at this 1080 junction on the S&P. There are some important supports just below. I will keep my hands off until the market decides which way it will go.

Pan America Silver Corp. (PAA.TO)

Loss is ($2.27 – $2.25) * 3 * 100 = $6 + $25.90 commission = $31.90 = 0.3%