Weekly Market Outlook
I cannot imagine silver trading another week in a 60 cent range so I am going to go out on a limb and say our breakout will almost certainly come this week.
My gut says it will be all about the Fed. I saw somewhere that Bill Gross tweeted that they hint at QE3. I haven't seen any news to merit that, so I am operating under the assumption that the fed will disappoint. This will cause metals to sell off like a bat out of hell. In the event that the fed does make the markets go risk on, I will be more than happy to go long.
I'm expecting a break lower so rather than play the breakout I went short at 31.80 anticipating the break lower. This trade is all about the breakout and I won't hesitate to cut this off fast if it goes the other way on me. There is a lot of bearish sentiment out there right now...could surprise me...
Nothing bullish that I can see. Support at 1630, if broken fireworks begin...
Ready to bounce up. In symmetrical triangle, hard telling when breakout comes.
I'm long. Nothing crazy on the chart. I'm uncomfortable being short metals, and long WTI but that's what I see. We'll see how it all works out.