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David Fry
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David Fry writes a subscription newsletter focused on technical analysis of exchange-traded funds, called ETF Digest (www.etfdigest.com). Dave founded the ETF Digest in 2001 and was among the very first to see the need for a publication that provided individual investors with information and... More
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    Jul 20, 2011 11:24 AM | about stocks: SLV, AGQ, ZSL

    Scott Pluschau is a Contributing Editor to the ETF Digest.

    Scott was a financial advisor with Citi. His technical analysis report on the Nasdaq Composite Index was recently featured by Dr. Marc Faber in his June 1, 2011 Gloom, Boom & Doom report. Scott earned his degree in Accounting and Taxation from Pace University. He lives in Long Island with his wife Ilona, daughter Olivia and new baby Henry.



    There is a classic trade set up in the Silver exchange traded fund, symbol SLV.

    We had months of consolidation in silver and I have been sitting on the sidelines patiently avoiding random market behavior in this balance area. Two days ago there was a breakout, and now yesterday we had the gap fill, and throwback to the prior resistance area, which typically offers strong support. Buying SLV here at $38 offers a nearly 4 to 1 reward to risk ratio if you place your initial stop at $35.50, which is approximately halfway inside the prior consolidation area, and target the highs of $48. See chart.

    ...READ MORE

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    Stocks: SLV, AGQ, ZSL
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