SLW and ESLR broke supports and stops

[caption id="attachment_292" align="aligncenter" width="500" caption="DJIA"][DJIA][][/caption]

[caption id="attachment_293" align="aligncenter" width="500" caption="Volatility"][Volatility][][/caption]

Dow Plunges 350 on Unemployment, Factory Reports. Lots of panic headlines today. A definite 180 degree turn from yesterday's, and another 180 from the day before. The flip-flopping sentiments of the media are just too funny. This is definitely a time of high volatility and uncertainty. Even at today's "plunge", the fact is, the markets are still up from last week. We could very well be seeing the bottom being set in this bear market. I think the worst of this downturn has unfolded in the past year already.

In any case, I am definitely a bit early in my long term entries. Both SLW (-15.6%) and ESLR (-14.1%) have broke support, but still far from 52-week lows. I am reluctant to sell at this time because the market is in panic mode. Yet, both prices are below the stops I've set for myself.

I would go long on SLW at this price if I had the fund. The indicators are on buy alert too.

[caption id="attachment_289" align="aligncenter" width="500" caption="SLW"][SLW][][/caption]

[caption id="attachment_290" align="aligncenter" width="500" caption="Silver"][Silver][][/caption]

[caption id="attachment_291" align="aligncenter" width="500" caption="ESLR"][ESLR][][/caption]

ESLR is more risky at the moment because although the price is off a lot, it's still dancing around the 20 dma. It could very well break the 52-week low from here.

[DJIA]: http://traderpau.files.wordpress.com/2008/10/2008-10-02-djx.png [Volatility]: http://traderpau.files.wordpress.com/2008/10/2008-10-02-vix.png [SLW]: http://traderpau.files.wordpress.com/2008/10/2008-10-02-slw.png [Silver]: http://traderpau.files.wordpress.com/2008/10/2008-10-02-yi.png [ESLR]: http://traderpau.files.wordpress.com/2008/10/2008-10-02-eslr.png