Big-Picture Uptrend Still Intact for SLW, Silver

Although Silver Wheaton (SLW) remains under bleeding pressure as we speak, my big picture work argues that a new bull phase for the stock has been in progress since the October 4 low, and that recent weakness from the Feb 29 high at 40.39 to today's low at 33.55 (so far) is the tail end of a pullback within the still-dominant uptrend pattern.

As long as SLW weakness is contained above 32.00, my work argues in favor of being long.

Silver, in general, has a positive big picture, as part of a relatively healthy commodity complex. Daily spot silver appears to be completing an initial up-leg off of its September and December double bottom off of 26.02/14, and is now in a pullback prior to a resumption of strength.

ETF traders may want to keep an eye on the iShares Silver Trust (SLV).