Ridden Hard and Put Away Wet

Fri, Mar 2, 2012 - 10:05am

I don't know about you, but I'm ready for this week to be over. The title of this thread refers to an old adage of the American West and it has to do with horses which, as you might know, need to be cooled and "walked" after a strenuous ride. Pretty well sums up how I feel. I need to be cooled and walked after this strenuous week. No time for that yet, though. We've still got to get through today's trade and, later on, I'll have some very important information for you.

Your main concern today should be the close of silver. The closing price will be quite important for the overall look of the chart heading into next week. Right now, the chart doesn't look too bad, as you can see below.

Note that, as of yesterday's close, this weeks "candle" was still white (on some charts this would be green).

  • Also, I should point out here what this chart shows. The "wick" or "tail" of the chart shows the true range of prices during the week. The shaded area is the difference between the Monday opening price and the Friday closing price. The chart is then colored white or green (positive) or blue or red (negative) based upon whether silver was UP or DOWN on the week.

So, again, as of last night, silver was still UP on the week and the candle was white (positive). You can see, though, that the price range has been nearly $4. What we don't want to see today (and what The Cartel does want to see) is a steep drop that will not only paint the candle blue, it could also drop the lower end of this week's range BELOW the lower end of last week's range. A technical analyst would call that a "bearish engulfing pattern" and it would most assuredly flip the WOPRs into a "sell-first" mode next week.

Last week's high in silver was 35.59, last week's low was 33.52 and it closed last Friday at 35.33. A close today above $35.33 and we can all be very pleased to have dodged a dangerous technical bullet. A close below $35.33 would not be great but, as long as today's trade doesn't drop below the lows of Wednesday, the resulting chart won't look too terrible. The thing to be concerned about is a close below $33.52. The Forces of Darkness would LOVE to see that happen but time is running short and, more importantly, buyers continue to appear when silver approaches $34. Let's just hope we survive this day and move on to next week.

As you can see below, the gold chart already has a nasty, blue candle on it and that is unlikely to change today. I'm also reprinting below a chart I added yesterday. At this point, we have to expect more selling next week and a move down toward 1600-1650 or so appears possible. I'm praying that that happens as I will be buying with both hands IF it gets there.

Lastly, if you're looking to kill some time this morning, you should click this link and watch the video that is contained within the story:


OK, that's all for now. I have to go prepare and record this week's podcast. PLEASE BE SURE TO CHECK BACK THIS AFTERNOON FOR THE RELEASE OF THIS VERY IMPORTANT PODCAST.


About the Author

turd [at] tfmetalsreport [dot] com ()


Mar 2, 2012 - 10:10am



Yes, Finally!!!!!! Now I feel like a true member of the Club! LOL

Mar 2, 2012 - 10:10am

sshhhh......dont look now

but i'm first...........qwiet.

Eric King
Mar 2, 2012 - 10:10am


Third bitchez

Mar 2, 2012 - 10:11am

missed by this much.......

life goes on....

Mar 2, 2012 - 10:15am


I had to...closest I've ever been.

I had just watched that JS Kim video this morning before leaving the house. Good stuff.

Dr G
Mar 2, 2012 - 10:23am

Close above 35.33 seems very

Close above 35.33 seems very unlikely, but I also think that a close below 33.52 is unlikely, so I guess we should be happy about that.

Then again, if we can hold our current range of 34.80-35, perhaps Globex will please us with some buying like it usually does on Friday afternoons and put us above 35.33. That would be stellar in many ways.

Turd, if silver closes above last week's lows (or what if it has a positive candle?), would that still portend selling of gold next week and a blah week for the yellow metal?

Mar 2, 2012 - 10:24am

Newspaper delivery

Looking forward to this afternoon's thread

Here ya' go...


Mar 2, 2012 - 10:25am


Silver is beginning to trade on its own fundamentals. More on that later this afternoon.

For now, if silver can continue to hold above $34, it may trade sideways next week while gold trades lower.

Mar 2, 2012 - 10:32am

Foot moving slowly towards the metal pedal

They've decided to stop riding the austerity brakes.

QE/LTRO/Fed. Swap Line/ESM etc. to infinity...

EU Leaders Declare Shift to Growth


El Gordo
Mar 2, 2012 - 10:35am

Texas Independence Day

Today is Texas Independence Day, when Texas declared its independence from Mexico. I'm thinking the same situation may apply today, but from a different Capitol. I'm still seeking some way to consider this relevant to the discussion at hand, but so far I haven't been able to come up with anything other than "rugged individualism."

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