Shorties in SLW will be bleeding when silver breaks out
i never bleed, i do experience chaffing from time to time:0
really tough to trade right now. silver is just jumping all over the place. It reminds of what happens just before a breakout in an equity but this is a futures contract..
one day 10K in contracts covered/gone long, next day its dumped. 10,000 x 5000ozs x $31.94=$1.6 billion in leverage commodity.
today 8K in contracts covered/gone long($1.3 billion) at the jobs report, then same day, about 5K forced out. This is crazy. although it represents $1.3 billion in paper silver, $135 million in margin money is required to move that $1.3 billion around. between now and 4pm there is some potential for fireworks.
if silver can hit 32.597 bulls take firm control, besides that, maybe it just continues to consolidate for another 3 days