Not that I am doing anything else anyone else can do, but...
1) A close under $38.25 looks bad for us and would suggest $37.18 as the first downside target (both the 50 day moving average and the first fib retracement point).
2) RSI is not anywhere close to being oversold and is below 50.
3) MACD, while still in positive territory, is trending lower.
4) $34.86 looks like a probably fib retrace point.
5) With the DOW up 50 right now and SLW down/unchanged and silver marginally up, you can see money is coming out.
6) $40+ has been rejected for now...
Silver itself has at least another $1 or so to go. The dollar is likely to rally, no matter how screwed up the fundamentals are here (several commentators have suggested that the natural gas supply here is the only thing supporting the USD and the stock market, though obviously they are divergent much of the time).
I love SLW, but it is not a good play for at least a couple of weeks and perhaps as long as two or three months. Weekly puts maybe insane, but deep in the money covered calls or put spreads may make sense.