Before market open yesterday I gave two price targets to watch for during the day: $40.72 and $40.92. Silver had it's only meaningful correction during the day at $40.77 and then closed at $40.93.
Because my numbers are so bang on this tells me heavy algorithmic trading is going on in silver and be forewarned, the machines don't care, when their signals tell them to sell it will be a very difficult time for folks who can not consider anything but buy and hold strategies.
The silver etf i have closed up almost 6% compared to slw closing up under 3%. So this call worked out well for me.
Hi chemaes - thanks as always for your input. Looks as though you have a friendly bunch here on this board,and willing to share their ideas on making a buck in this market. I remember you saying you were from Canada but don`t remember if you still live there, anyway I was trying to look up HZU and couldn't find it. I know that it trades on the TSX (HZU.TO) but can you buy it here in the US? Also do they have a similar ETF that is not leveraged?
Yes you can buy in the US, you just have to arrange it with your broker, if they offer the service. If they don't find one that does. ie TD waterhouse or Etrade etc.
Looks like the final action on friday did correctly tell of a short term top. What happens over the next day or two will be important in telling if this top last days or months. $40.46 silver is the danger line. All in cash since this morning. I have a bid in at this price and if it continues through and down, I close and am done.