[caption id="attachment_160" align="aligncenter" width="500" caption="SLW"][/caption]
Sold a large portion (200 of 368 shares) of my SLW holding today for a modest profit of \~10.9% in 2 days. (commission fee \$5) Today's jump in SLW seem overbought intraday and there's resistance at \$9.15 (intraday) and about \$9.45 (from day chart). In particular, the volume seems to be falling on subsequent peaks of the day. It looks as though the rally is losing steam. The main reason for taking profit at this time is that the rise seemed too fast for SLW. It shot up 10% while silver (YI) moved only 2%.
Furthermore, today's rise in GDX seems to be just covering the gap from a few days ago. Also, silver and gold still seem to be in bearish move despite the recovery. The prices are still within the down channel. Further fall in those prices seem likely in the medium term.
[caption id="attachment_167" align="aligncenter" width="500" caption="Gold Miners ETF (GDX)"][/caption]
[caption id="attachment_161" align="aligncenter" width="500" caption="Silver YI"][/caption]
[caption id="attachment_162" align="aligncenter" width="500" caption="Gold YG"][/caption]
I will watch SLW, GDX, YI, YG closely for an re-entry point.
: http://traderpau.files.wordpress.com/2008/09/2008-09-12-tos_charts.png : http://traderpau.files.wordpress.com/2008/09/2008-09-12-gdx.png : http://traderpau.files.wordpress.com/2008/09/2008-09-12-yi.png : http://traderpau.files.wordpress.com/2008/09/2008-09-12-yg.png