I sold my 21 calls form yesterday when he hit the 21.09 area. I bought a little 22 calls when we then went red under 21.80. I got some silver shorts off near 19.50 as well and covered some at 19.35. I still want to see how SLW reacts to the banks knocking silver under 19 before rolling down the bulk of my 23 calls and getting more aggressive unhedged long SLW. Yesterdays hammer was nice and certainly acting better today in the complex with silver not really rallying. Whether it can hold up, we will find out, but I think SLW may be getting as little ahead of itself and may get caught off guard if silver gets the midnight smack down. Im still on guard for another large push lower but will be aggressive on any dips as I don't think a move under 19 by silver would last very long and may be the big buying opportunity. If silver finds a bid and gets constructive and back over 20, then SLW should take care of itself. Earnings are May 8, so that will come into play here as well. There won't be any surprises as their avg. sell price will come down another buck and lower their margins even further. the thing to watch will be how much they were able to bring to market to make up for the lower sell through price. If they were able to fill the void, then the selling may give way to some aggressive buying.Staying nimble but trying to get large as well.
Well, closed where I was hoping. Shorted some silver here at 19.40. Will hold the net long SLW into tomorrow and see if i can carry it. The next close needs to get over 22.20 or 22.40 hopefully. If that occurs we may be in a buy the dips trend change, so far so good. As usual, tonights midnight action in silver should steer the ship tomorrow. I will sell some along your points and try to add back on the dips and hopefully build a net long in SLW. Been a while since I have been able to back off on hedges, would love to catch a runner long.