Re: Silver
in response to
by
posted on
Feb 22, 2011 12:19AM
We may not make much money, but we sure have a lot of fun!
11:25 EST UPDATE:
An absolute classic EE beatdown tonight as Blythe tries to claw back all the gains that were made on the Globex earlier today. Take a look at this 2-minute chart for tonight's action:
This is 100%, no-doubt EE manipulation. Some may claim algo, $-related selling. Nonsense. This is exactly what I was looking for when I made that "movie" last night. Blythe likely stored up some fresh ammo by covering some shorts back on Friday. She then unleashed some new shorts on us tonight in a blatant attempt to scare some March longs into selling. So the question is...what happens next?
I doubt she's done. I would initially look for support around the 33.25 level. We struggled with that area a little this morning (remember...broken resistance becomes support and vice versa) and it served to contain last hour's attack. It may hold again but don't be surprised if, at some point overnight, silver trades all the way back down to the highs of Friday, somewhere just below $33. If I were a BoS, intent upon taking delivery and shoving my silver auger right up Blythe's patooty, I'd be waiting right there for her with giant bids. Let's hope we see one, final, massive FUBM begin there and rally us into the morning. If I were trading tonight, I'd sit, cool as a cucumber and let Blythe come to me. Here, kittykitty....come to papa...
However, I'm not trading. I'm going to bed. Good night. See you in the morning (U.S.). TF