For those keeping up with it the 20.88 support was at the meridian line or the Gann 1 X 1 line. It gapped over that line yesterday and made the retest this morning. No, it don't have to hold, but usually does, movement over this line will often be gaps or very quick price movements. The line slops up, so will be at abt 21.07 tomorrow to act as support, Friday I expect it to be gapped over at about 21.33. Last 20.85 for SLW. Silver is back up testing 20.43 . . .made 20.45 .. last 20.39
I wrote a few more weekly $21 puts this morning thinking we are going to hold this weeks gains for the most part. From what I am hearing about the Murray Ryan budget deal, there is only a 1% reduction in the deficit over ten years with increases in spending short term and the cuts are mostly in out years. I believe that only leads to increased federal borrowing and more need for tapering as the treasury cannot sell all their new and roll over debt without federal reserve taking a huge chunk lest interest rates rise. The can kicking continues as the nation implodes on itself while maintaining the impression of health with phony statistics and currency printing into oblivion. It is sad so many reporters and analysts are so blind, stupid, or bought off that they spew the government line without a single pertinent question asked.
Sooner or later, folks are going to wake up to the race to debase and invest in the only money left on earth that is going to hold value, precious metals and those who mine them.
Eating up a lot of time, considering it might be Friday before the high ( 22.64 ? ) Might buy back the puts if we go that high and buy stock or calls on the pull back. ( 20.45 ? ) This afternoon should give us the answer.