Loading ...Still Bullish Silver- Also
First, I got the $35 price for today that I fiirst put out here back on the 6th, wrong. It looked good a few times but they managed to use another misinterpretation of economic data as an excuse to crush silver, once again. Instead of a St. Valentine’s Day treat, we got a Valentine’s Day massacre.
The data used for the excuse was the very strong industrial production, out this morning. The reason it was strong was because of utility use. Really cold weather across much of the country is the biggest contributor and not a sign that the economy is over heating.
The fact that silver took out resistance around $32.50 and made it up around $33.40 is very positive. It will take back and forth, stair stepping for the rest of this month(two weeks) to get to and thru the $35, but that is the direction it is heading.
Finally, and you will think I am crazy, but Hecla just filled the gap at $5.50 and is now back to the 200 day mvg. avg and is a screaming buy, right here. It will see $7.50 on the next run but not sure how long that is going to take.
I thought it was a real good call, CM. It didn’t make it all the way, but it was a good ride. The smackdown was epic because almost everybody was bullish. Maybe this is the final shake out before we crack thirty five and head up into the forties.
Thanks. If we continue with the stair step of higher highs and higher lows, we will just have to live with the periodic shake outs until we at least clear and close above the late Oct. high.
It seems like it’s going to get more and more volatile.
I have HL and wonder at such a large take down… it was looking so good. I didnt find any
news….. earnings disappointment? mine ?
higher overhead…?
CM do u know anything????
Thank you~
I didn’t hear the earnings call but despite lower than expected earnings the revenue beat. Remember this was 4th qtr. and year end. I prefer to go by the stock’ behavior rather than what mgt. says. The production numbers and exploration results came out a day before the earnings. Usually the miners tend to release them a week or so before, so I was scratching my head about why. I guess that was a tell that the earnings weren’t going to be so good. I think this was an over reaction and will watch to see if all the damage was done today.