SLW – Silver Wheaton (Last:30.45)

Encouraging, to say the least.  Monday’s modest spike on the opening bar may not look like much at first glance, but if you let your eyes travel west you’ll see that it exceeded a key peak at 31.03 recorded back in May, creating a bullish impulse leg on the hourly chart.  The stock has fallen back some since, but the pullback low is still three cents shy of the 30.34 print needed to turn the bullish signal into a dueling muddle.  Even then, however, odds will still favor bulls, since they required barely any pullback for the running start that bettered the May peak.  A buy recommendation at the moment seems a bit premature, notwithstanding the fact that I haven’t much looked SLW since May, when I tuned it out altogether. Last week’s $2 gap-up, sneak-attack rally was my comeuppance, though — just the way a stock is supposed to move when it wants to screw erstwhile or inattentive bulls out of entry opportunities.  I am attentive now, however, and ready to jump on the stock if a situation arises where entry risk is down near-zero.  You can learn how to do this stuff yourself — and more easily than you might imagine.  Click here for a free trial subscription.