Silver

[andial]

It was only two years ago when our silver was just a young price tween trying to get up and walk out of the gold/silver ratio smashing. Today, she's all grown up in her mid 20's leading the ratio charge. Sigh, they grow up so fast in today's times but I must say good bye to swingin' sister. Rules are rules in my investment house and you're just getting out of control, so I turn my back to you. One day after all the cheap sleazy men realize you're not gold and throw you down the elevator shaft for being just a cheap whore metal, I will be there at the bottom picking up all the pieces.

Beautiful post, in a warm and endearing way.

[jbilprophet123]

Silver seems to be so much in mood of breaking 25$ and not going down.
A close above should result in quick 2-3 days to a week gain of 15%.
Gold 5% above 1365 can be silver's 15%..

I dont want to miss that back and fully loaded again.. let us see how it goes.

[andial]

I'm hoping Silver goes down until the fed news on Wednesday. Then the liftoff.

[4dabopper]

Hey Straw

Still think $ilver is going to correct to 19.50 or has that changed?

Always appreciate your thoughts on these matters.

If not, is it a $ilver shortage, da shorts on the rope due to rule changes, $ilver being the cheaper sister and average Joe is starting to buy what PM he can afford, or what?

Thanks in advance.

[Strawboss]

Bop - Good questions.

I have had a change of mind related to trading silver/gold and the mining shares. Silver has definitely changed its trading patterns since the Andrew McGuire testimony and now Chiltons comments at the CFTC. This noticeable change forces me to rethink my trading strategies - i.e. what worked before may not work in this new paradigm.

The fundamentals for silver are off the chart bullish - at the risk of sounding like a raving maniac - I am not aware in my lifetime of a more bullish setup than exists fundamentally for silver right now.

Because of this, I am recommending to rebuy any sold positions (selectively of course) with the intention of being fully invested in this market (both metal and miners) with the full understanding that a correction may be imminent - and if not now - it is surely coming - but that the risks are HEAVILY weighted to the upside - meaning that it is more likely that we will go up than down - based on fundamentals.

As it relates to my trading of mining companies - I am thinking of revising my strategy in line with this new reality - with the intention of always staying fully invested, but, moving funds from one miner to another as the technical indicators dictate (several miners actually).

We are currently in MAJOR THREE - the granddaddy of all bull markets. One mistake in a trade and the stock can leave you behind - chasing and hoping for a re-entry. I am thinking being fully invested makes more sense at this juncture and we can bounce around amongst the stocks looking for the best setups and leverage while always remaining fully invested.

Hey Straw

Still think $ilver is going to correct to 19.50 or has that changed?

Always appreciate your thoughts on these matters.

If not, is it a $ilver shortage, da shorts on the rope due to rule changes, $ilver being the cheaper sister and average Joe is starting to buy what PM he can afford, or what?

Thanks in advance.

[Weatherman]

Strawboss, I think it is still too early to send up the all clear signal for bulls. There is still one more joker in the deck that could change the way this hand will be played. The FED is widely expected to announce QE2 today. If they do that as expected, then I too will want to return to a 100% long position. Until they make that announcement, however, there are two other possibilities to be concerned about. The FED might not announce anything about QE2, and the disappointment about that could be a mild negative for silver and gold prices in the near term. Even more troubling, however, is the risk of a surprise bearish announcement of an interest rate increase! The FED will be forced to raise interest rates at some point in the future. If they do increase interest rates today, silver and gold will be hit hard. I am mostly long and strong, but I will keep a little dry powder until after the FED announcement later today.

[Zed]

FWIW there is nothing in the charts to date that should have triggered an overly defensive position. We violated no support levels, we only retraced to the first Fibo around 23.6%, we didn't break the 18 DMA, we have now set a minor new higher high and technically all looks OK. Sure we may hit a stoploss position soon but it has not happened yet and until it does there is no reason to sell IMO. I find it curious that I'm seeing posts from people who don't believe in stop losses yet who appear to have sold out of a position on moderate strength. Considering all the other things we know about the metals markets selling strength this early in the year seems to me to be overly pessimistic, especially without due technical cause. Silvers move has been strong, yes, but not parabolic... had we gone parabolic then maybe jumping at the first sign of weakness would be justified. I might consider tightening stops if we don't see some good follow through here but for now I remain long and a little perplexed by the pessimism. Maybe Ben will blow that out of the water but the early indications are that its going to be a non event. Anyway... that is what stop losses are for. I'm quietly optimistic here that next years high will shock.... but that is pure speculation.

[Optics]

Strawboss, I think it is still too early to send up the all clear signal for bulls. There is still one more joker in the deck that could change the way this hand will be played. The FED is widely expected to announce QE2 today. If they do that as expected, then I too will want to return to a 100% long position. Until they make that announcement, however, there are two other possibilities to be concerned about. The FED might not announce anything about QE2, and the disappointment about that could be a mild negative for silver and gold prices in the near term. Even more troubling, however, is the risk of a surprise bearish announcement of an interest rate increase! The FED will be forced to raise interest rates at some point in the future. If they do increase interest rates today, silver and gold will be hit hard. I am mostly long and strong, but I will keep a little dry powder until after the FED announcement later today.

Do you really think Ben is going to rain on the GOP parade now that they have just got a firm grip on his short and curlies?

[Strawboss]

I still expect some downside - I am simply saying (and thinking) that it makes more sense to be fully positioned and if a correction happens - to simply ride it out than to wait on the sidelines - get left behind - and then chase price (something that MAJOR WAVE THREES are famous for doing to people).

[Zed]

Straw,

I'm in good profit, if I get stopped I will take a slightly smaller profit and buy back lower. Ultimately that should mean (assuming an on going bull market) a bigger profit. If I don't get stopped then I'm still on the ride and I don't miss out. The art is in setting stops correctly and that entirely depends on the instrument in question IMO... in my world every stock is a new kettle of fish. That's a subject that will leave traders debating for days, I know what works for me so I leave it there!

Anyway... off to do charts, I just ran out of coffee!

[Strawboss]

You are right - the trick is managing the stops. The problem is the logical places for stops are well known - and those that love to take out stops know where they are as well. They hit your stop, and then the stock runs and you end up chasing. I have been beaten at that game more times than I care to remember.

Straw,

I'm in good profit, if I get stopped I will take a slightly smaller profit and buy back lower. Ultimately that should mean (assuming an on going bull market) a bigger profit. If I don't get stopped then I'm still on the ride and I don't miss out. The art is in setting stops correctly and that entirely depends on the instrument in question IMO... in my world every stock is a new kettle of fish. That's a subject that will leave traders debating for days, I know what works for me so I leave it there!

Anyway... off to do charts, I just ran out of coffee!

[prophet]

http://www.prnewswire.com/news-relea...106624128.html

Hagens Berman Sobol Shapiro: JP Morgan and HSBC Face RICO Charges in Silver Futures Class Action Lawsuit


NEW YORK, Nov. 3, 2010 /PRNewswire/ -- JP Morgan Chase & Co. (NYSE: JPM) and HSBC Securities Inc. (NYSE: HBC) face charges of manipulating the market for silver futures and options in violation of federal commodities and racketeering laws, according to a new lawsuit filed Tuesday in the U.S. District Court for the Southern District of New York.

(Logo: http://photos.prnewswire.com/prnh/20080317/AQM144LOGO)

(Logo: http://www.newscom.com/cgi-bin/prnh/20080317/AQM144LOGO)

The suit – which alleges violation of the Commodity Exchange Act and the Racketeering Influenced and Corrupt Organizations (RICO) Act – alleges that the two banks colluded to manipulate the market for silver futures starting in the first half of 2008 by amassing huge short positions in silver futures contracts they had no intent to fill, but did so to force silver prices down to their benefit.

The suit was filed on behalf of Carl Loeb, an independent investor in silver futures and options, by Seattle-based Hagens Berman Sobol Shapiro LLP, a class-action and complex litigation firm.

"The practice of naked short selling has long been a serious issue on Wall Street," said Steve Berman, co-counsel and managing partner at Hagens Berman. "What we know about the scope and intent of JP Morgan and HSBC's actions in this short-selling scheme dwarfs any other similar attempt to manipulate a commodities market."

According to the complaint, JP Morgan amassed a sizeable short position in silver futures and options in part through its March 2008 acquisition of investment bank Bear Stearns. By August 2008, JP Morgan and London-based HSBC controlled more than 85 percent of the commercial net short position in silver futures contracts.

[Strawboss]

Here is the link to this weeks silver mining report.

http://www.bullion-master.com/the-si...rt-11.3.10.pdf

Now that the Fed has officially declared its commitment to keeping the economy propped up by all means necessary (QE2, QE3, etc...) the outcome is continued devaluation of all paper currencies and an increase in the velocity of movement within a currency as people seek to exchange the fiat currency unit for tangible assets will ultimately lead to hyperinflation.

The only solution now to prevent that outcome is to turn off the spigot of easy money, and to allow interest rates to rise to their true, unmanipulated level - an outcome that would cause the complete and utter collapse of the financial system in probably 30 days or less from the date enacted.

Because of this reality, I am seriously considering changing my trading methodology/strategy to be more in alignment with current market reality. More details are in the report.

I would appreciate your feedback.

Steve

[jupitergold]

That RICO silver article is dumb and Sinclair posting it on his site makes me feel that he grasps for any straw that alludes to a precious metal "to launch higher". Look at the time frames on the charts and it was not only silver that got "crushed", all the metals metals had a sharp sell off. Case in point:

March 2008, all the metals dumped the day or so after Bear Sterns.
Feb 3, 2010, all the metals sold off sharply. In fact, silver fell victim to a H&S pattern AND barely fell out of the 2008 master daily up channel! Gold completely fell out of the 2008 master daily up channel. This is manipulation????

During the big 2008 sell off (July - November), silver basically lost half its value. Look at Platinum, it almost lost 70% of its value. Palladium also got kicked in the butt as well. However, silver was the only one manipulated

To me, the truth is in the gold/silver ratio and it's about to break 54/1.

Manipulation

[jupitergold]

Straw,

To me, feels like the metals want to sell off and pick up a lot of anxious buyers, but it's not ready yet. I just can't justify buying silver now due to the gold/silver ratio and believe I will get better value buying into gold. Don't get me wrong, silver is strong and may imbed again if she can clear the $25 spot price. The next 36 hours may be interesting with the other central banks.

Thoughts?

[prophet]

That RICO silver article is dumb and Sinclair posting it on his site makes me feel that he grasps for any straw that alludes to a precious metal "to launch higher". Look at the time frames on the charts and it was not only silver that got "crushed", all the metals metals had a sharp sell off. Case in point:

Straw,

To me, feels like the metals want to sell off and pick up a lot of anxious buyers, but it's not ready yet. I just can't justify buying silver now due to the gold/silver ratio and believe I will get better value buying into gold. Don't get me wrong, silver is strong and may imbed again if she can clear the $25 spot price. The next 36 hours may be interesting with the other central banks.

Thoughts?

........................

[scofield]

LOL... I like how GCubed is probably the best swing trader without using TA although he does use seasonality and sentiment, which can be considered TA, too. But those are the easy trades. buy in september. sell in spring. works every time.

The best traders probably take the easy trades. Silver right now is too hard for me. I would just hold my positions because my minimum price objective line is above $26 and for gold it's around $1450, support is around $1280. Until gold gets there, I see no reason to sell anything unless if a 5%-10% haircut is too much for you because of margin or something.

[Zed]

You are right - the trick is managing the stops. The problem is the logical places for stops are well known - and those that love to take out stops know where they are as well. They hit your stop, and then the stock runs and you end up chasing. I have been beaten at that game more times than I care to remember.

Stops are always mental and the action is always assessed on a closing basis. I never get taken out unless I am happy to be because I have to place the order, volume and the nature of the days trade is taken into consideration. If I get it right I am not normally whipsawed, it can happen but the pain is minimal in comparison to taking a swan dive. Its a war of attrition, constantly going back regardless, constantly tuning, constantly learning about each instrument and stock.

At least that is my approach, to each their own, I guess!

[Zed]

LOL... I like how GCubed is probably the best swing trader without using TA although he does use seasonality and sentiment, which can be considered TA, too. But those are the easy trades. buy in september. sell in spring. works every time.

The best traders probably take the easy trades. Silver right now is too hard for me. I would just hold my positions because my minimum price objective line is above $26 and for gold it's around $1450, support is around $1280. Until gold gets there, I see no reason to sell anything unless if a 5%-10% haircut is too much for you because of margin or something.

Always give yourself time, it is easier to be right when you make fewer decisions... 2c JMO... I'm a slow poke trader FWIW.

[scofield]

Always give yourself time, it is easier to be right when you make fewer decisions... 2c JMO... I'm a slow poke trader FWIW.

That is the truth distilled from experience. I'm also a slow po' and chicken trader, only take the easiest trades that have the most upside. It's only a hobby so I don't have the pressure to make money all the time.

[Zed]

That is the truth distilled from experience.

I'm a little thick... Mr Market had to beat it into me!

[Strawboss]

Jup - I have been in awe of the strength of silver and gold as they have exceeded my expectations (especially silver). I used to track the COMEX inventory levels so I could chart the relative declines, but, I had computer issues earlier this year and lost it and havent yet found a place that keeps similar records and charting and I am really missing those now.

Can you imagine the thoughts that are running through the minds of the shorts? Selling now would be a terrible idea - amounting to capitulation and throwing gasoline on the fire - but, silver keeps moving relentlessly higher as other shorts run for cover and funds accumulate.

I have said for a while that silver is the true lynchpin in the entire economic house of cards, because of its pull on gold and golds relationship with the reserve currency.

My biggest regret is selling SLW at a much lower price than it is currently. I should get tarred and feathered for that call.

Straw,

To me, feels like the metals want to sell off and pick up a lot of anxious buyers, but it's not ready yet. I just can't justify buying silver now due to the gold/silver ratio and believe I will get better value buying into gold. Don't get me wrong, silver is strong and may imbed again if she can clear the $25 spot price. The next 36 hours may be interesting with the other central banks.

Thoughts?

[jupitergold]

Silver's move today is impressive.

Boss, as far as your SLW, if you made money on it than it's a good trade. It's always a tough pill to swallow when a trade/investment keeps rising after you sell it off, but it's worse to stay in a trade and watch your profits melt away. I closed out my gold/silver ratio right at 60/1 and do I wish I was still in it, absolutely! Do I regret it, nope. I plan on doing this for the next 30-40 years and the fact that I stayed in my first ratio test trade when it turned negative (I believed I was correct in the trade) is one of many working tools that will earn me exponentially more money in the future.

You were calling for $23 silver when it was sub $18. Hit just one of those percentage trades a year and Wall St. will come knocking in five years (Smaug needs to have a gold scalping fund, he's incredible).

Question is where does the ratio stop?

[Anakin]

My biggest regret is selling SLW at a much lower price than it is currently. I should get tarred and feathered for that call.

That was a very sane sell. But the strength of the silver market has surprised a lot of us. I think this is a point in time when we simply ride out the peaks and troughs, it's going to be too tough to call this market.

Given seasonality, it may be time in Feb to May next year to take some off the table. 'Till then I think we enjoy the ride.

[DHAWK]

I still expect some downside - I am simply saying (and thinking) that it makes more sense to be fully positioned and if a correction happens - to simply ride it out than to wait on the sidelines - get left behind - and then chase price (something that MAJOR WAVE THREES are famous for doing to people).

Strawboss,
I'm trying to get my head around major 3 and Jan 2011 (JSinclair)
I think there is to come wave4 and wave5, why would JS call it for Jan 2011?
Do you think JS top will be top of wave3? where do you think top of wave3 will end?(blowoff).
I agree with your new non trading strategy, I just dont want to hold thru wave4 down.

[Strawboss]

I am not suggesting a "non trading strategy". Instead, I am considering an "all in" strategy that is repositioned weekly.

I think the top for gold in MAJOR THREE is $3500 (per Alf Fields).

Strawboss,
I'm trying to get my head around major 3 and Jan 2011 (JSinclair)
I think there is to come wave4 and wave5, why would JS call it for Jan 2011?
Do you think JS top will be top of wave3? where do you think top of wave3 will end?(blowoff).
I agree with your new non trading strategy, I just dont want to hold thru wave4 down.

[jogslvr]

Holy crap, Batman. See Spot run. See silver spot run! yeeehaaaa

[jbilprophet123]

Exited my 100% long HL position what great 3 days trade from 6.80 to 8.10s.
Well USD aint behaving it actually traded above 76.50 for quite sometime so i could not resist
and after a long long time at the super strength of silver i went short silver with ZSL..
Anyway today was Diwali the festival of India. And on 2007 the correction had started from next day of Diwali.
So mainly,
[1] USD not weakening and mildly strengthening.
[2] Diwali over today.
[3] Daily stochs at a position which can start correction.
[4] A test of 25 atleast and 23.60 on the first sign of weakness sounds very possible
[5] a one day 25 testing is very possible which gives a tempting trade of 10% in a day on Monday.

Anyway strict stoploss for this position gold above 1400 i cover.

[anywoundedduck]

Exited my 100% long HL position what great 3 days trade from 6.80 to 8.10s.
Well USD aint behaving it actually traded above 76.50 for quite sometime so i could not resist
and after a long long time at the super strength of silver i went short silver with ZSL..
Anyway today was Diwali the festival of India. And on 2007 the correction had started from next day of Diwali.
So mainly,
[1] USD not weakening and mildly strengthening.
[2] Diwali over today.
[3] Daily stochs at a position which can start correction.
[4] A test of 25 atleast and 23.60 on the first sign of weakness sounds very possible
[5] a one day 25 testing is very possible which gives a tempting trade of 10% in a day on Monday.

Anyway strict stoploss for this position gold above 1400 i cover.

JBIL,

Here recently your trades have sounded very reasonable, and seemed to be solid.

But now you stepped in it. Boy, you just can't resist, can you? Its gonna bite you, if not this time next time. This is not the time to be playing around, that is for sure. I appreciate your reasoning, but you have honed in on this Season in India, which is only a minor consideration to the entire picture.

I guess your next act will be dangling from a high wire by your little toe, above a pit full of alligators. Some people just like to pump the adrenaline through their veins.

But, I sure do wish you luck on this. Its your money. Going up against the biggest Bull in a Bull market, takes a lot of balls. Let us know what happens.

AWD

[jbilprophet123]

JBIL,

Here recently your trades have sounded very reasonable, and seemed to be solid.

But now you stepped in it. Boy, you just can't resist, can you? Its gonna bite you, if not this time next time. This is not the time to be playing around, that is for sure. I appreciate your reasoning, but you have honed in on this Season in India, which is only a minor consideration to the entire picture.

I guess your next act will be dangling from a high wire by your little toe, above a pit full of alligators. Some people just like to pump the adrenaline through their veins.

But, I sure do wish you luck on this. Its your money. Going up against the biggest Bull in a Bull market, takes a lot of balls. Let us know what happens.

AWD

Ty for your concern. Specially the last line more than anyone else i am convinced of this.
Early morning trade i was looking at USD trading above 77, silver stochs are embedded and gold showed very minor weakness.
But silver was showing amazing strength so i got out of my ZSL pretty much at exact bottom for a positive 1% or so trade.

All cash and neutral. What 1% i lost on upside in stocks i gained in short
If i had not sold on Friday my longs i would do so at the current price.
Reason: True and fantastic breakout unfolding. But risk has increased. So overbght condition makes it possible that correction when happens can be sharp. Ofcourse that does not change the LT extremly bullish viewpoint.

The caution may cost me 2% more in gold and accordingly in stocks. But preservation of new portfolio high of alteast 20% higher than in 2007-2008 period is taking higher priority.

Whenever and after however higher gold and silver goes once after correction happens i will be in with lower risk conditions.
PS: None of these for a second the thght of selling my physical comes into mind. 1300-1400,1000 or 2000. The objective of that is different that is insurance and is sufficient. The stock portfolio is for growth.

[StateofJefferson]

How you guys have the guts to trade this silver market is beyond me. I just hold on tight. Is it fair to say that the big silver shorts, JP Morgan and HSBC are feeling some pain?

[Strawboss]

Couldnt happen to a nicer bunch of folks... They will just go to the Fed and have it bailed out anyways so, no skin off their back...

How you guys have the guts to trade this silver market is beyond me. I just hold on tight. Is it fair to say that the big silver shorts, JP Morgan and HSBC are feeling some pain?

[Eroberer]

I don't know. I also feel like taking some profit here would be reasonable.

[Zed]

P&F targets on silver are in the $27-$29 range depending on how you construct the chart. I would think that $30 is an invitation to short and should see ***some*** headwind for a while.

[StateofJefferson]

What a day for Hecla closing up 12.86%

[Zed]

How you guys have the guts to trade this silver market is beyond me. I just hold on tight. Is it fair to say that the big silver shorts, JP Morgan and HSBC are feeling some pain?

It is simple... there is investment money and trading money. You shift the balance to suit the times and change trading strategy accordingly. If you learn to trade properly it all becomes quite logical, dry and even boring.

....but then what would a troll know?

[StateofJefferson]

It is simple... there is investment money and trading money. You shift the balance to suit the times and change trading strategy accordingly. If you learn to trade properly it all becomes quite logical, dry and even boring.

....but then what would a troll know?

Thank you sir!

[Zed]

but then if you only have pocket change your options are limited.

[jbilprophet123]

What a day for Hecla closing up 12.86%

LOL. And I was happy about my 20% gain in three days to leave yesterday!! Anyway it was a 100% single stock bet .
Left 10% on the table kind of feeling bad but not really risk reward and std things..

What a genuinie short squueze developed on that pos..

[Strawboss]

AGQ up 7.06%
CDE up 5.24%
ECUXF up 29.89%
EXK up 9.20%
GPRLF up 16.14%
HL up 12.99%
MISVF up 21.94%
PAAS up 5.29%
SLW up 6.43%

Not too shabby...

[StateofJefferson]

ECU finally breaks out and does it big time!

Here are some more performing silver stocks today:

USSIF 13.58%
FRMSF 10.73%
FVITF 6.78%
SVM 6.98%
CZICF 7.41%
GGCRF 20.48%

[Concours14]

QUOTE=Zed;105528]It is simple... there is investment money and trading money. You shift the balance to suit the times and change trading strategy accordingly. If you learn to trade properly it all becomes quite logical, dry and even boring. ....but then what would a troll know?[/QUOTE]

Well, SOME trolls know more than others. Zed-dood, you oughtta have a fund that dough could fall into and make or break on the index you've drawn up the last eight or ten months. I've only been around these pages for awhile, less than whatever, but from reading back a long way on these here pages, ya son-of-a-gun, you got an awful lot right. Claim the blind squirrel finds the acorn all ya want, some of its is ESP-like. Or something.

Not ta send the sunshine up yer shirts or nuttin', but

[Anakin]

I bought MGN this morning at $2.98; it closed at $3.50.

How much longer can this continue? Me scarried.

[jupitergold]

Silver's move is great and all, but waiting to see if the shorting opportunity presents itself around $30 and or in the next 14 days. Need external news to cause the big boys to take profits and run. Won't try and time it because my account is an atom in relative size and the momentum is very strong, but the move is now getting gappy and vertical.

[mach]

Do you think short & medium term top formed in Silver ?

[Weatherman]

Do you think short & medium term top formed in Silver ?

My guess, for what its worth, is that the reversal today will be only a brief glitch in the march on to significantly higher prices over the next 4 to 6 months. In years past, all the market bulls were leverage addicts and they played only in the casinos of futures and options contracts. TPTB could count on driving those longs away from the market by simply raising the margin cost to bet in the markets. I think, however, that the new breed of players is not concerned with margin costs. Instead, the new bulls are just like us in that they want to own precious metals as insurance against the falling value of the dollar. The BIG difference, of course, is that the new breed of bulls are billionaires who more closely resemble the 1970s Hunt brothers than us. The interests that are intent on buying silver and gold to insure their fortunes against dollar devaluation will not be worried about greater margin costs that in effect only reduce the leverage to do that. Instead, they will be buying as much as they need for insurance, and they will allocate the costs that are necessary to make those purchases. The new lower prices will spur wealthy investors to accumulate more and faster than they would have at higher prices. I look for the bull to resume its rampage within days.

[jbilprophet123]

Silver's move is great and all, but waiting to see if the shorting opportunity presents itself around $30 and or in the next 14 days. Need external news to cause the big boys to take profits and run. Won't try and time it because my account is an atom in relative size and the momentum is very strong, but the move is now getting gappy and vertical.

I was waiting for silver to hit 29.60 to ZSL it. Did not get it so waiting for 25+ to long it. And 24s to max leverage entry with HL or something.

[Strawboss]

On the weekly chart, silver is still technically fine as long as we hold the uptrend line. The unknown at the moment is the effect of the CME raising the margin requirements for gold/silver. Another factor not as widely discussed yet is the CME's intransigence with Bart Chilton as they are essentially brushing him off and adopting the positions that hard position limits are not necessary even with the new law. It is going to be interesting how that plays out - but, that news has been dwarfed by the CMEs decision to increase margin and silvers "flash crash". What does it say that silver is already up almost $1 from the low of just a few hours ago?

Very interesting times, eh?

[Voodoo]

We are definitely seeing increased volatility as most of us expected. However, I think that this definitely felt more like a blow off top for a much needed short term correction. I redid a couple of the charts from before, hopefully I can post them this time , and they are showing pretty much the same target as before except now it is the 38.2% Fibonacchi retracement at $21.50. This is my first target, if I can wait that long, as it is really hard watching a position soar after you have sold some/most. I can see why losing your position in a major bull market is a big no-no. I see somewhere between $19.50 and $21.50 as our target with the $18-$20 range being rock solid support.

Ok, still can't use attachments. You'll have to help me to get them full size in the forum.

[Giget]

Thanks Voodoo.