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Silver Wheaton
Silver Wheaton’s ability to mildly buck the trend in recent days has generated some buzz in the chat room. Before you bulls give your heart to the stock, though, I’d suggest taking a look at the chart that accompanies today’s SLW tout.
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There are two Hidden Pivots that could stop Silver Wheaton’s marauding spree, at least for a while, and I’ve used them in today’s touts to establish a small short position against the bullish butterfly we already hold. Whether or not you do the trade, the price points are worth your attention if you follow the stock.
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Most of us expected mining stocks to get hit when the broad averages finally collapsed. Take a look at the hourly chart of this stock before you despair, however, since the carnage has been far worse for companies not in the gold or silver business. I’ve reproduced a chart of Apple on this page today as well, and as you can see for yourself, Silver Wheaton’s chart looks no worse. We continue to hold the September 42/46/50 call butterfly for $1.04.
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