I was stopped out almost immediately 5 cents after my short. Silver then turned and went down for the next 100 mins. it happens.
31.10 should be a very good spot to short, but i'm long right now, so I'm hoping to sell at the 31.10 mark.
The silver chart is really ugly. sustained moves don't look like this. Also, with gold up 1.2% you'd expect to see silver up double that but its only up 1.45%, so something is not right with her.
The good news is silvers bearish momentum implied by Nov 03, is completed negated today. If gold takes out 1678, silver will be pulled up for the ride. Said another way, silver became a bit stronger bullishly today
It will be interesting to see what the managed money does after 1:00pm, and how margin cover plays after 2:00.
you know, I'm sitting here and studying the SLW chart.
I'm not saying this is going to happen, but if slw resumes it's bullish move, there is a good probability it could do so by climbing $5 -$6 in the space of 5 to 7 days. That would be a 16 to 20% move. It would be difficult for me to ride that wave if I always close down my position overnight.
what's made me contemplate this is the aggressiveness of the dollar collapse 100 point fall in one day! from 80.770 to 79.770, mind boggling that this happens with some freq for a reserve currency.
Liquidity is calling the dollar at 79.32.
I'm thinking about not selling my silver long position in the 31.10 position, I definately won't try to short there.. too dangerous.
You out there Chem? We're back at 31.10. So is your thinking now along the lines of message 1 above or message 2? This rally hasn't shown strong volume. I'm still inclined toward a short-term short, but I'd rather do it around 31.50 than here. If I get that chance.