That is as nice a reversal as you are ever going to see. $28.49 on May Silver is now the lowest likely price for the rest of the day. The spot right now is trading at a 6 cent premium, so low for spot probably is $28.55. Buy silver there. You may not get a chance. Stop related to silver price would be 28.40, but i'm 92% certain it won't fall more than a few pennies below 28.49
Natural Gas also broke above 4.00, find natural gas producers and lock'm in long. I'm long CNQ on the NYSE. 31.95 is my stop and my buy was 32.11, current is 32.16.
Good trading, it's about time silver and gold got a break.
I rechecked the charts and ran the numbers and that 92% certainty has come down to 70% due to the chart not being completely gap free and the dollar gaining strength. I guess if you want 100% certainty you shold buy a toaster with a guarantee or wait for silver to get back above $28.763 (the day's open price)
Well, silver went no lower than 28.462 compared to the 28.49 I gave and it seems headed to 28.808.
On Nat Gas, this one is tough. I typically only trade the chart and the chart says Nat Gas could exhaust at 4.12 compared to where it is now at 4.088. However the chart also says that Nat Gas hasn't been above 4.00 in 89 weeks, which to me signifies a breakout. Fundamentally, Nat Gas weather is ending so unless Obama is about to legislate american energy independence through your nat gas reserves I'm not sure what the catalyst is to stick in the trade. If by 3:00 pm CNQ isn't above 32.24, I sell.