PPR - The SLV Step-Child
With gold attempting a breakout to higher-highs as it challenges its April highs, a word about silver and the SLV is certainly in order. We tend to think that gold will drag silver back to the upside with it, and to this end we note the possibility of a pocket pivot buy point at any time here as the SLV tracks along its 50-day moving average, as can be seen in the daily chart of the SLV below. Should the SLV push above its 50-day moving average today on volume that exceeds yesterday's 32,289,700 shares traded, the highest-volume down-day in the pattern over the prior ten days, then a 50-dma pocket pivot buy point would occur. We are watching this closely as the SLV approach 25 million shares trade on the day at 11:42 a.m. Pacific Time.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.