SLW

SLW – Silver Wheaton (Last:13.41)

– Posted in: Current Touts Rick's Picks

It's not every day that I put out a 'buy' recommendation for a mining stock. But a chance look at Silver Wheaton's long-term chart brought me to the realization that it may be time. The bear-market pattern shown, with a Hidden Pivot target at 9.46, suggests bulls will enjoy good odds bottom-fishing there. There are some alternative point 'A' highs that I could have used to calculate a tradable target. However, my gut feeling is that the one I've selected will produce a 'D' low that is both precise and reliable.  It is the last 'stick-up' high before SLW went over the falls, and that's why I've chosen it. Accordingly, I'll recommend bidding 9.52 for 400 shares, stop 9.36.  We are risking about $64 theoretical here, and the stocks could fall a further $1, to 8.50, if our stop is hit. I'd want to attempt bottom-fishing there as well, so leave room for a second try. ________ UPDATE (February 2, 1:54 a.m. EST): We'll have to catch this stock on-the-run, since it has taken off after trading no lower than 10.11.  My immediate rally target was 12.02, but if SLW gnaws through this Hidden Pivot without difficulty, it would be a bullish sign going forward._______UPDATE (February 4, 12:55 a.m.): Careful!  The stock's insane rally is headed into double resistance in the form of a Hidden Pivot at 13.00 that comes from the daily chart, and an important high at 13.10 recorded in January.______UPDATE (11:20 p.m.): With an upward lurch at the opening, SLW blew past both of the resistance points noted above with the greatest of ease. The rally stalled almost precisely at the 13.66 target of this pattern on the hourly chart: A= 10.11 (1/21); B=12.14 (2/1); and C=11.63. The move was impulsively bullish on the intraday charts, suggesting that

SLW – Silver Wheaton (Last:22.97)

– Posted in: Current Touts Rick's Picks

It's been a while since we looked in on this stock, a favorite of traders and investors because it tracks the price of silver with such fidelity. By exceeding two prior lows -- one internal, the other external -- the selloff of the last two days has generated a bearish impulse leg on the daily chart.  However, notice that the decline has done little damage to the bullish look of the rally since December.  My gut feeling is that the current weakness will not exceed the 20.93 low recorded on January 8 (see inset). This implies that we can use an ABC pattern similar to the one shown to get long.  Stay tuned!  _______ UPDATE (Feb 1, 11:14 p.m.): Based on the above, a buy signal was tripped at 22.62 off a point 'C' low at 21.80.  The trade would require a stop-loss for the entire position at 21.79, held against an order to take a partial profit on half your shares at 22.62. There are less risky ways to get aboard belatedly, but I'll wait to hear from subscribers in the chat room before I establish a tracking position.  _______ UPDATE (Feb 2, 10:11 p.m.):  Nothing reported, so this tout will be shelved in the archive.

SLW – Silver Wheaton (Last:19.42)

– Posted in: Current Touts Rick's Picks

Now let's see what kind of follow-through SLW's biggest one-day rally in recent memory can generate. The pullback from Thursday's peak has been nasty, to put it mildly.  However, this should have shaken off enough bulls to lighten the load for the next leg up. If so, any thrust that triggers an entry signal at 19.58 should reach the 20.07 p midpoint at a minimum. The stock was 2 cents short of the trigger at the closing bell, but the trade is still viable in theory. _______ UPDATE (October 12, 8:46 p.m. EDT): The pattern shown, with a small adjustment for a point C low at 19.04,  would have gotten traders aboard at 19.52. It also would have allowed a partial profit at p=20.01.  If you did the trade please let me know in the chat room and I'll establish tracking guidance. For now, a break-even stop is advised,

SLW – Silver Wheaton (Last:20.03)

– Posted in: Current Touts Rick's Picks

Sellers demolished our 22.03 target last week with the greatest of ease.  A Hidden Pivot target at 14.98 is therefore in play, but let's focus for the time being on the 20.40 target associated with the trendline (see inset) as a minimum downside price objective. If you've been short when SLW gets there, reverse the position and go long with a tight stop-loss. _______ UPDATE (9:13 p.m.): The stock closed precisely on an alternative trendline that connects three lows going back to 12/16/13 low (19.23).  However, if SLW goes any lower it will hit the 20.40 target referenced above. Call it a second chance if you want, but neither support should give way easily unless there is still considerable selling remaining to be spent. _______ UPDATE (Sep 24, 7:35 p.m.): The stock has taken a promising, robust bounce from 20.46. If you bought down there, take a partial profit and let the position run. _______ UPDATE (September 29, 2:07 a.m.): Good thing we knew enough to take a profit last week when this brick was in the throes of a feeble rally. Now SLW has decisively broken the major trendline noted above. It could still turn from just above either of two crucial lows -- 20.03 (May), or 19.23 (December) -- but if you plan on bottom-fishing, 'camouflage' is strongly advised. _______ UPDATE (Oct 3, 4:30 a.m.): The stock has gotten traction at 19.57, 24 cents above the Hidden Pivot target identified above. The failure so far of the downtrend to reach the pivot is mildly bullish, but the rally would need to hit 20.58 by no later than Monday to make this significant. ______ UPDATE (October 9, 1:20 a.m.): It took longer than we'd expected, but yesterday's blast hit 20.71, handily exceeding or bullish threshold at 20.58. SLW is

SLW – Silver Wheaton (Last:22.49)

– Posted in: Current Touts Rick's Picks

SLW looks very likely to fall to at least 22.03 (see inset) before it can turn around.  This Hidden Pivot target is sufficiently clear and compelling to warrant aggressive bottom-fishing, albeit with a tight stop-loss. Accordingly, I'll suggest buying eight Oct 3 23 calls if and when SLW is trading within 0.06 points of the target. They'd be a good buy today or tomorrow for around 0.22-0.24, but 'fair value' would fall somewhat due to time decay as the week wears on.  If you'd prefer to use stock, bid 22.06 with a 21.96 stop-loss. _____ UPDATE (Sep 16, 11:37 p.m. EDT): For the moment, we'll put the 22.03 target aside, since SLW's rally yesterday created a robustly bullish impulse leg on the hourly chart.  Now let's see if it can muster a second leg that is at least equal to the still-uncompleted first. _______ UPDATE (Sep 18, 1:07 a.m.): With yesterday's nasty reversal, the 22.03 target is back in play. Use the strategy suggested above. My rough guess is that the calls will be trading on a bid of about 0.18 with SLW at or very near the target.

SLW – Silver Wheaton (Last:24.13)

– Posted in: Current Touts Free Rick's Picks

Silver Wheaton showed encouraging strength compared to Comex futures, but the strain of maintaining altitude as physical declined has finally taken its toll. Now the stock looks primed to fall to the 23.71 Hidden Pivot support shown. I'll suggest preparing for this: 1) first, by getting short on the next break below p=24.78; and then, 2) bottom-fishing at D by buying four November 22 calls at the 24 strike for perhaps 1.10. (You'll need to monitor the bid/asked in real time to get a better feel for the right price.)  You should stop yourself out of the puts if they trade for 0.15 less than you paid for them. ______ UPDATE (Sep 4, 11:07 p.m.): Thursday's low fell just 12 cents from the 23.71 target first broached a while back, so you should be preparing to act as suggested above. _______ UPDATE (Sep 7, 10:37 p.m.): The stock bounced 40 cents off a 23.76 low, but I'll wait till I hear from subscribers who got long before I establish a tracking position.

SLW – Silver Wheaton (Last:26.58)

– Posted in: Current Touts Rick's Picks

You can put that bearish target at 25.13 on the back burner for now, since the current rally is bullishly impulsive on the intraday charts. As you can see, the stock needs to push above the 26.73 midpoint resistance to get something going. A further push to its D sibling at 27.07 would not take it much further, but note that it would refresh the bullish energy of the chart by exceeding the 26.94 'external' peak recorded on July 29.  Traders please note: The last six price bars shown in the chart could produce an excellent camouflage entry set-up. ______ UPDATE (3:25 p.m. EDT): The stock swooned to a new point 'C' low without having reached 26.73, but the rebound has exceeded the new p midpoint resistance, implying more upside to the 26.83 target shown.  It'll take a smidgen more, however, to refresh the bullish energy of the chart with a push past late July's tops. ______ UPDATE (August 11, 12:01 a.m.): The rally continues to show signs of robust health, since each new thrust has been exceeding a prior high on the intraday charts (see inset, a new chart).  The pullback from Friday's high may take a day or two to play out, since the high itself, fleeting as it was, would have trapped more than a few bulls.  If you're interested in the stock, nudge me in the chat room if and when it trips another buy signal on the hourly chart, since I may be able to provide a camouflage entry strategy that would pare risk down to a bare minimum.

SLW – Silver Wheaton (Last:26.08)

– Posted in: Current Touts Rick's Picks

Although I've given gold bulls a tentative green light to trade the rally begun on Friday, the chart of this stock looks less auspicious. Bulls and bears are in 'dueling' mode on  the hourly chart, but bears held a small edge as the week ended. My target is the 25.13 Hidden Pivot shown, but SLW can be traded from either side of the market as long as it conntinues to oscillate near the downtrend's midpoint pivot at 26.04.  The 'camouflage' technique will be needed in any case to reduce risk, and so I'll suggest doing your hunting on the 5-minute chart of less if you're looking to initiate a trade.

SLW – Silver Wheaton (Last:26.71)

– Posted in: Current Touts Rick's Picks

The midpoint support at 25.97 where I'd suggested bottom-fishing caught last week's low within six cents. If you filled a bid down there and your stop-loss survived, please let me know in the chat room so that I can establish a tracking position for the further guidance of subscribers. ________ UPDATE: No apparent interest, so I'm taking this stock off the board, at least for now.

SLW – Silver Wheaton (Last:26.43)

– Posted in: Current Touts Rick's Picks

Yesterday's leap on the opening bar negated our plan to bottom-fish, but we can try again today using the pattern shown. Assuming Silver Wheaton's correction is near an end, we should expect good odds employing a bid for 400 shares at the 25.60 midpoint pivot show. Place the actual bid two cents above the target, at 25.62, and use a stop-loss at 25.54.  If it's hit, that would imply more downside to 24.99, where you could try again. Use at 25.02 bid, stop 24.93.  The pattern is delicate enough that either pivot should produce a bounce within a few cents of the projected low. ______ UPDATE (July 18, 2:27 a.m.): SLW has forged higher, negating our buying plan. I'd prefer to buy on weakness, but we should be prepared nonetheless to catch it on-the-fly. _______ UPDATE (July 22, 12:05 a.m.): A pullback from just above the two peaks could yield the buying opportunity we've been looking for. If interested, query me in the chat room during market hours. _______ UPDATE (July 23, 7:16 p.m.): The stock appears to be rolling over. If so, plan on bottom-fishing the midpoint pivot shown, at 25.97, with a stop-loss as tight as 5 cents.  If it's hit, though, expect more slippage to its D sibling, 25.06.