Silver: Above $23.358 is a long, Below $23.256 is a short
After looking at silver and gold this wknd, I will not get short on pullbacks. I will get less long as I did earlier this morning.
I put back on a little of the long position at $23.00.
However, the numbers suggest if silver gets above $23.358 by even 0.001 of a cent get long and hold. If silver is halted at $23.256, the probability a pullback has begun (however slight) increases 3 x.
Exciting times. The majority of open interest has swung to Dec's contract. My numbers above are still for Sept.. Rollover comes next week (I think). Things would look incredibly good for silver into the end of Sept if it can get to $24.66 before the Sept contract expires.
Normally I'd say this correction was too short lived.
Having said this, I see this morning the point at which shorts would cover is $22.94 silver. That's the place I'd normally want to get long. The dollar falling out of bed changes this from a technical trade though to a fundamental trade and my numbers aren't going to mean too much right now.
Dollar at 80.94 suggests it wants to go to 78.00. wow! first bounce is at 80.00. this is usually the signal where people just pile into commo's but oil is getting ravaged; 10 yr yield is moving down; Copper neutral. A lot of counter-intuitive movement