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Before the market opened I knew my Proshares Ultrashort Silver (ZSL) position was a dead duck so I put in a limit order and thankfully was taken out at $26.28, sustaining a modest 1.6% LOSS.
Click on the charts to ENLARGE
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In my 35 minutes of free time today while the markets were open, I furiously went on a hunt to find some candidates to replenish the stocks I sold yesterday. This first daily chart is of Shoshone Silver Mining Co (SHSH). This particular setup has a lot going for it. The True Strength Index (TSI) indicator and Money Flow Index (MFI) both have trend line breaks. The faster (7,4) purple is already flying above zero, yet price has been curiously consolidating sideways for 7 weeks. I have a tendency to sell too soon sometimes, but have a GTC limit order in for 14 cents - once this thing breaks to the upside. A 30% gain would be fine with me. This should work out.
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The second daily chart is of New Gold Inc (NGD). There are no trend line breaks or positive divergences on this chart. BUT, check out the cup with handle pattern. Doesn't this thing look like a diving board about ready to rocket launch?
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My third chart is another purchase for me of Constitution Mining (CMIN) at 39 cents. This stock has been cut in half in literally 4 days. Common, give me a break! No company deserves to be cut in half that fast just because they want to raise some working capital. The sellers are possessed of irrational fear and well, I just have to take their shares from them and keep them in a safe place until they want them back at a higher price.
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My fourth and final purchase today, mind you in 35 minutes time, was Silver America Inc (SILA). I've been watching this one and waiting for it to setup and, well, I think its there NOW. Everything is in place, but the kitchen sink. LOL TSI and MFI breakouts, ZERO crossover almost, and nice healthy positive divergence in place.
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As we had breakouts today on both gold and the mining index, I think this is the time to be fully loaded and ready for action.
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Off the record, I did buy a futures contract to short the US Dollar at about 5 am this morning and so far it has made a 75% gain on the funds I used to purchase the contract. I plan to add a second short contract on the US Dollar sometime soon. Also, I purchased one long futures contract on Gold. By the time I got to my computer at the noon hour, gold had already made its big move, so that position is minimally underwater - but I do not think for long.
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My TSI trading record has been updated.
Nov. 14 mid day
10 hours ago
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