This is a record for me been wrong 3 months now. Usually when am that wrong , odds are a reversal.
this is down on what fundamentals? Just looks like money going to work in stock market, what will happen when a bit of news happens correcting stock market, or if Euro goes bye.
This continues to languish in way oversold territory. chart just looks strange, stepped take down, pms dont go down forever (or up forever) . my only real err is bullish leverage.
so what is the prognosis - long and stick with it , dont see it going below 20-21, at that rate minors should be buying it big time.
Physical is difficult to buy - hard to find without a lot of premium added.
someone questioned what I see as oversold is based on - slow stochastics(14,3) =20 , rsi = 29, macd .05 , high sell volume 23m vs 10 m average, 50 ma is $4 under 200 ma.
good post, good questions. And I think you are right about money moving into the stock market (which gives shorters opportunity to move on the momentum). Last month I thought I would be pulling back on my market positions...but I haven't...and no longer have a near term plan to (just my opinion, my current sense)
Not sure about silver being oversold....I don't know where to look for those metrics for commodities, but when I run the mfi, or slow stoh on SLV...either one year or one month....they come in mid range (50), so not oversold. How did you look at it ?
Silver is down 25% in just the past 6 weeks...if it was any other stock, you would be shouting OVERSOLD. But that you could even mention this is not oversold is blatantly obvious that you operate on an extreme BIAS. And that is DEATH in the stock market. Bias has NO place in this market, because it can turn on you in a flash.
I agree with you Stumble...there is still room for more downside yet for SLV. Just today it hit the low, rebounded, and looks to be finishing at the Low again. Could go lower yet. Staying away from SLV for at least another day or two. Have not been in SLV for over a month now...but good luck to you.