pro traders regard SLW as one of the worst bubbles within a very bearish sector, that no longer serves as "flight to safety" during financial storms, currency turmoil, international political crises, and wars.
SLW must drop at least 75% ASAP to place it into any semblance of rational valuation to its extremely bearish sector.
There is a channel down on the 15 min. from the 23.40 high down along the tops. We are nudging up against here at 22.22. This should provide some resistance, but if it can get through we may have some technical pop. With the markets closed tomorrow and the open interest at the 22.50 strike low, it may be hard to make a move today but you never know. I would sell a little here but I got 20c for my 22 calls against my 21.90 long stock I bought, so its the same thing and I will let it play out. I would love to get my other calls rocking here with silver down a smudge to get paid on both sides.
Volume should be very light today with most already on vacation. I sold some of the expiring 22 calls yesterday in case they pin it all day.
Ref should have been 19.65 . . . . Last 19.70, Any unfilled gap in SLW at this point will create a Island reversal. An island reversal at a low is a very firm foundation to build an advance on!
16 Apr Yellen says she's worried about inflation not hitting a target of 2% and jobs and the market takes off as if her job description, yeah, that's her job description, was some kind of tonic. Talk about the definition of smoke (inflation), and mirrors(jobs sux).
Inflation is smoke, not an objective, and we all know smoking leads to cancer. But the new housing picture was a goldilocks number, 1/3rd the pop expected, so existing homes may have a chance at resisting the storm of higher interest rates accompanying the whiff, let alone actual, bond buying tapering--that also seemed to make sense to those of us clinging to the disbelief that the market is made of nothing but lemmings.
In a couple hours, it's claims claims claims. Nothing seems to encourage business to hire, why should they, the 81% working are terrified, wages are stagnant or falling, the government has taken the cost of living out of the cost of living, and corporatocracy rules. And this is under the Democruds. Imagine how "good" it would be under Repukelicans?
One party thinks everything is an entitlement, the other views workers as chickens to their wolves of Wall Street.
Let freedom ring.
yes, I always keep an opposing position in silver. The 2am silver smash each night is too profitable not to keep a short position in silver at all times when possible.
RSI above 50 on silver, 5 min all the way through hourly, you just using the silver to hedge the SLW position ? Could get a run up tonight in silver. ???
Volume is very low. I got filled on some longs at my 21.90 bid this morning and was able to short silver 10c higher than yesterday, so I'm pretty happy with todays trades, they should pay out nicely tomorrow.
You will probably get your wish. It seems fed is doing a masterful job of propping up the stock market much longer then I ever though they could. It seems to go on with no end in site and that is bad for silver.
The stink of these useless golds and silvers, plus their relentlessly worthless call options, is getting worse and worse!
The extremely bearish SLW technicals clearly indicate it's going far far LOWER than $15....more like $5.00 by the time any kind of temporary floor is reached, on a fast track toward ZERO.
The useless and worthless golds/silvers NO longer function as "flight to safety" investments and therefore inflation stats have NO effect whatsoever in terms of lifting the sick sector.