PDA

View Full Version : short term silver top



main1event
29th October 2008, 12:37
Im not sure if many of you read my post about back and fill time. Yes, today was a follow through day from yesterdays bottom. However, since silver opened up much higher today we left a gap down at 9.00 So potentially Silver could go back down and hit 9.00 on an intraday basis, before we start going up again.

I do believe we've hit the bottom for silver, but that doesnt mean we are going to go straight up. The same goes for the stock market. I believe we have hit a short term bottom there but we could retrace 2 or 300 pts before moving higher.

I got in pretty cheap, so i intend to hold.

I believe after this back filling we may see a $1.00 or 2.00 move higher quickly.

goldragon
29th October 2008, 12:48
I am not sure. We need to watch after 2:15 PM. Maybe we will have a rally. However, I think we may revisit $8s sooner or later. This is just a bear rally, I do not trust this market. It is too emotional!
I ALSO HAVE TIGHTENED MY STOP LOSS.

main1event
29th October 2008, 13:06
I am not sure. We need to watch after 2:15 PM. Maybe we will have a rally. However, I think we may revisit $8s sooner or later. This is just a bear rally, I do not trust this market. It is too emotional!
I ALSO HAVE TIGHTENED MY STOP LOSS.

Expect some short term weakness, that is to be expected. Throw in todays sell the news on interest rate cuts and you get alot of emotion. I sincerely doubt you will see 8.44 for silver again anytime soon. Perhaps a later retest in November or in the spring.

goldragon
29th October 2008, 13:31
It is supposed that in Nov. we should have a commodity rally. It looks like we may not revisit $8.s. but at this moment SLV went to 9.6 which is not too bad. However, we may form a shorting star today!

goldragon
29th October 2008, 14:20
We are getting late rally. It is good!

goldragon
29th October 2008, 14:23
Lot of profit taken at this moment!

main1event
29th October 2008, 14:24
Is silver going up a good thing, sounds like a trick question. I love it :)

Silver could go to 12.00 right now and then back fill later or perhaps never.

I'm all in right now and have no intention of selling :)

research24
29th October 2008, 14:25
Umm, seems to me 1% interest rates should start up a nice little dollar carry trade that will do wonders for commodities like oil. So, the heggies get a bit of a reprieve to eagerly take down weak foreign currencies with US funds without having to go to BOJ. That should accelerate the budding currency crisis and turn it into a roaring inferno.

Ummm, whats oil doing? Golly gee willikers, up five bucks. Whodathunkit?

Are Ben and Hank having fun yet?

Tribal Warrior
29th October 2008, 20:42
Is silver going up a good thing, sounds like a trick question. I love it :)

Silver could go to 12.00 right now and then back fill later or perhaps never.

I'm all in right now and have no intention of selling :)

I'm with you there buddy! Blazing Arms!! Let the dead bury the dead!!