Re: Silver
in response to
by
posted on
Feb 24, 2011 01:24PM
We may not make much money, but we sure have a lot of fun!
Debate is very healthy to get to the bottom of things, who knows what the real truth is, maybe somewhere in the middle of what we have discussed.....lol
10:30 EST UPDATE:
Note that silver bottomed at the exact same time yesterday and at the exact same price. No, there's no manipulation here. None, at all.
At any rate, IF the EE is successful in taking out 33 later, they would still have to take out 32.70 before I'd get nervous. On the other hand, a strong bounce today, like yesterday, off of the morning lows and UP to 33.75 will again be met with EE resistance. If/when that level is bested, look out!
12:15 EST UPDATE:
Today is a lot like the previous two days. There have been repeated attempts to accelerate price downward but each attempt has failed to significantly breach 33. Lets watch the close to see if we can fight off Blythe yet again and close green.
While we collectively hold our breath watching every tick in the silver market, here's a chart to chew on:
For the WB/shortsqueeze storyline to continue, we'll need to see silver move UP through 33.75 and then go tackle the Globex highs of Monday near 34.30. In the past 24 hours, we've approached that 33.75 level four times and Blythe has repelled us each time. A move down here, through 33, will be your first clue that this current saga is ending and that the EE will survive until May. A drop back through 32.25 would almost confirm it so watch these levels very closely.
That's it for now. I've got lasts of 1415 and 33.18. Don't stray too far from a computer today. This promises to be a another wild ride.