Takes guts to buy ZSL at single digits when many saw SLV go >30.44 (all time high) which wasn't close.
I was ready to buy more ZSL at 9.00; may come sometime in the future, but not the next several days.
ZSL saw a peak of 12.70 on 1/28/11; want to see if ZSL can make it to 11.00 for about a 10% gain. That should take SLV back down to 27.
ZSL experts - please provide how high it can go before the reversal. Want to exit on the high if possible to avoid the reversal.
Watch OIL/USD, if oil continues to drop and USD continues to rise which I highly expect then Gold and Silver will gap down to the 200 DMA. If the market starts to believe QE2 will be the end of the Fed injections, you will have a panic selling.
Oil prices indicate where consumer prices are going. If oil goes down so does the fear of inflation. If the fed ends injection with qe2 then the dollar will become strong, which will end global inflation.
I believe investors need to short the hell out of gold and silver because everything I wrote is about to happen.
As I had said to Karl earlier in the week, I see very limited upside retracement potential in the near-term...$10.50 to $10.90 areas, the 9-day and 20-period exponential moving averages.
I'm still favoring chances of a sharp break higher in silver to occur, causing ZSL to drop to ~$9 within 3-5 days.
As I said to karl earlier in the week, I see very limited upside retracement to perhaps ~$10.50 to $10.90 range, the 9-ema and 20-day averages.