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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • Ishares Silver Trust (NYSE: SLV) Takes a Beating 0 comments
    May 3, 2011 5:50 PM | about stocks: SLV

    May 4, 2011

    Shares of Ishares Silver Trust (NYSE: SLV) closed at $40.58 on Tuesday, May 3, with a two day loss of 13.4 %.

    It was bound to happen after almost parabolic price gains in recent weeks. In fact, even after these losses SLV remains above its 50-day moving average.

    Typically corrections follow a 3 wave pattern so though the two losses are steep, there are still likely further losses ahead.

    Nothing rises forever but then nothing falls forever either. There is support at $37.62, the 50% retracement level of the January to April advance. This is also about where the 50-day moving average will be met if SLV moves lower.

    Bollinger Bands are also pointing to lower lows ahead, with a low near $36.00 a share potential.

    Gold shares (Streettracks Gold Shares – GLD) and bullion remain well near their highs. This appears to be a move limited to silver.

    http://www.fibtimer.com does not currently have a position in Ishares Silver Trust.

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