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Long SLV and PWN

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2

May 20, 2011 – Comments (0) | RELATED TICKERS: PNW , SLV , LNKD

I went long Silver (SLV) at $34.06, and though it's not Linkdeln (LNKD), it does have a lot of volaility, and if you followed my chart that I posted earlier this week, you'll remember that I highlighted the potential for us to see a nice pop out of this commodity. Well, now it is clearly exhibiting a willingness to do as much, as is a lot of the precious metals, and I expect to see SLV to make a significant push higher in the coming days and weeks, which is why I decided to jump in on the three days of consoldiation that we've got here.

LONG: Silver ETF (SLV)

The other position that I got into was Pinnacle West Capital (PNW) at $45.61 on the potential for a breakout to new highs.

LONG: Pinnacle West Capital (PNW)

Finally I managed to pull of a fairly nicely scalp in the UltraLong 2x ETF of the SPY (SSO) by jumping in at $53.83 and closng out at $54.64 at a nice 1.5% intraday gain.

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