The ZSL chart shows oversold conditions, falling wedge, and positive divergence, the ideal recipe for a nice healthy bounce skyward.
The huge buying interest over the last three days, however, shows that many traders have the same idea, so a move back to the 19.3-19.5 area is prudent to set it up for the extended move back up.
Looks like silver has topped, or is topping now, a move of silver to 42+ will provide the perfect entry into ZSL. If that does not happen, then silver will already have rolled over and ZSL will already be on its way up.
For the ZSL chart google keystone speculator or view at stockcharts public charts keystone speculator.
Interesting comments by all, not one was pro ZSL, 100% are silver going to the moon and never stopping.
That is fine, perhaps all of you may be correct.
But if you took the time to study the call, we are now at 42+ for silver.
So now that silver is over 42, ZSL becomes a buy. My work actually says to enter ZSL at a silver price of 42.20-42.30, but an entry in here, buying ZSL at the close here is fine.
The recent history and all the momo in silver makes all of you exactly right, and many folks who have shorted silver have regretted it. All that is fine, but now it is my turn to throw my hat into the ring.
ZSL is a buy right now, so take the 18.38 price, give it a few days or a week or two adn check back to this post.
Sure I can be wrong, will not be the first tiem adn will not be the last, that is what trading is.
So at least you have a level now to gauge the success or failure of the call.
This is my first entry into shoritng silver, everyone esle has failed so we wil se what happens. I will continue to add ZSL up thru 42.20 level. As far as a stop, if silver moves up thru the 42.30 area I will probably take my losses.
So the table is set now, I am liking ZSL now, and I have a dozen folks on the other side of the trade. I don't mind that.
For ZSL chart for any of you to get caught up with this excitement, google keystone speculator. We'll see how it works out.
Remember, the call is to add ZSL now for a silver price from here up to 42.30, then if silver goes higher the call was wrong. This call say shta tsilver is in its final topping area right now.
You had your two day window to get the hell out of ZSL. ZSL is the worst performing asset in the entire market. It is not only short a 10 year metals explosive rally which is still ongoing, but it has severe time decay issues. If you want to part with your money that badly, at least spend it on lap dances and get something useful for your cash. All that T/A psychobabble about divergences and wedges is a bunch of useless nonsense. Silver is already consolidating and rising again - either get on that train or get out of the way of it.
charts wont help.see ted butler commentary..paradign shift.gold and silver being viewed as money.tptb doing all they can to keep this price rise orderly.silver is being revalued as we speak..history in the making
Not to be an 'it's different this time' guy, but David is right. I haven't checked the Butler piece, but I will shortly.
Here's an example, however, of the charts not working. I've been tracking this gold and silver bull market since about the time it started, 11 years ago. One thing I learned from painful experience, was that when gold stocks took a dive, you could practically set your watch by it, that gold and silver would drop shortly thereafter.
Gold stocks go down for a few days, then gold gets hammered, and silver even harder. Lately, this relationship is still somewhat in play, but much less so. The first half of March, gold stocks were driven down almost every day for over two weeks. Gold finally had one big down day near the end of that, but nothing like you would have seen earlier in the this bull market for precious metals.
And as you silver shorts must know, silver just had one big down day as well. It should have been pounded with metal stocks getting beaten up like that. Something is definitely changing. We're entering a new phase to this precious metals bull market.
keybot-"Looks like silver has topped, or is topping now, a move of silver to 42+ will provide the perfect entry into ZSL. If that does not happen, then silver will already have rolled over and ZSL will already be on its way up."
I see you've graduated from the Clive Maund school of obfuscation, lol. Basically, you are saying that silver will go up from here (about $40.40) up to $42, or higher (your expression being 42+) unless, of course, it goes down. Since it is unlikely to go exactly sideways, I'd say you have 100% chance of being right.
So let's say it does go up to $42 and you buy zsl. What is your stop loss point?
"I see you've graduated from the Clive Maund school of obfuscation, lol. Basically, you are saying that silver will go up from here (about $40.40) up to $42, or higher (your expression being 42+) unless, of course, it goes down. Since it is unlikely to go exactly sideways, I'd say you have 100% chance of being right"
I would say this must be the common consensus - BNP Paribas says exactly the same thing
"BNP Paribas says it expects the silver price to average $37.80, compared to $36.25 in its previous forecast. BNP says it looks for a correction in silver prices in 2012 ......... “However, the market can discount this possibility sooner rather than later, bringing a correction in silver prices earlier than assumed in our forecast,” BNP Paribas says.
Silver will go up in 2011 and correct in 2012 unless it doesn't and does or does not correct sooner than we originally predicted in which case what we said is exactly what happened - - - - - - - in the words of that famous philosopher Homer Simpson - D'OH!!!!!!
Many want to see SLV hit 50 - the magic number back in 1980.
Will it happen? I give it a 10% chance. More likely, many analysis/chart watchers continue to say parabolic movement and a repeat of 2008.
From SLV 40 to 30 is only a 25% haircut, because too high, too fast.
Stay tune if this come true. Overbought can lead to oversold, but not there yet. Maybe by the end of May 2011.