Market Curiosity: Exploring Markets And Systems

February 14, 2011

Long SA since price looks to be breaking out of a 6 month channel (updated May 15) -78%

Filed under: -75 to -99%, Long Calls, Mistakes — Tags: , , — Jeff Fitzmyers @ 11:28 am

Bought May 34 calls at 1.80. Okay to buy out of the money calls since if price breaks out, it could make it to 37.

+ Price had a decent tentative breakout on okay volume.
+ EMA’s all trending up.
+ Monthly and weekly CCI’s moving up.
– Daily CCI not very low, but not expected if a true breakout.
– No follow through volume.
+ Float is only 36 million shares.
+ 14% of shares are shorted.
+ The short ratio is over 12. That’s a fair number of days.

Feb 23: Everything seems fine. Especially like the short ratio being 12.6 with a low float.

Xiphos Trading’s monthly SA chart, “Largest % of float short of any gold/silver miner of size”.

May 15: I was greedy regarding silver in April. Paying attention to illusions does not produce gains in anything but experience-the-hard-way. Made a mistake of not taking partial profit and then a few weeks later “hoping.” Out at 0.40 (I think).

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