Silver Wheaton, or SLW, a Canadian buyer of purchase agreements for gold and silver has delivered three straight quarters of triple-digit earnings and sales growth, formed a Cup & Handle pattern and cleared a buy point today at near the $22 level.  Strong company with a promising future but not one that traders should consider to the upside for right now.

Why?



Because the general market is sick and getting worse.

The Dow has broken its intermediate trendline and is trending downwards with more to follow.

From the way it looks, the Dow will test its 7-2-10 low at around 9686 and either support will hold or it will continue lower.



Look to trade to the short side while preparing to use options at the low to put on a spread position to take advantage of the this critical price point while hedging against the unknown.

Believe me, there is alot of that going on now in this markt.