I'm out. Not buying or trying to game this bitch. The volatility is driving me nutso and it think it will only escalate from here.
Nothing wrong with calling it quits when you don't feel comfortable. Might not make any $ on the sidelines but you sure as shit won't lose any either which is a win from where I'm standing. For now I'm out as well and just watching the trends while waiting for a retest of our recent trip to $26 or a believable breakout before putting my own money back into the casino. I've noticed a lot of people in the blog comments mentioning that they think TA is useless in a rigged market as if silver just recently fell victim to manipulation. TA is still relevant for the most part, it's those surprise attacks that come in and fudge things up that seems to cause people to lose faith in TA. This current downtrend channel is holding up quite nicely so far and is showing great entry/exit points for the short-term traders.
I am certainly NOT trying to advertise for my supplier but, bullionvault ran out of physical silver the last few days on such heavy buying at the previous low prices. I just bought silver some even though I feel there will be another small downside back towards $26 before an EW wave 5 up which in commodities is a strong wave up. The problem with waiting for the cheaper stuff is there might not be any around when the price gets down to that level, as clearly was the case recently.
Abraham Bernanke wrote: The problem with waiting for the cheaper stuff is there might not be any around when the price gets down to that level, as clearly was the case recently.
I know. That's what I keep trying to tell my close-knit G&S posse. Sure it could hit $18 on the COMEX but you ain't gonna see $18 silver in your cart anywhere. And the longer it drags sideways, the more it will get snatched up; or at least will be slim pickins.
Justin - They're just trying to wear everyone out it seems...and have been at it since May. Survival of the strongest, I guess. Plenty of other ways to capitalize on their fraudulent casino games. Can't wait for the VIX to leave 40 in the dust and hit all-time highs, personally. To me it's guaranteed.
... remains after Lady Silver met the end of the wedge. Hoping for the 23% retracement to continue adding support until we can get some volume back on the buy side.
I agree. After making some nice $ off of the puts I sold after the drop in silver, I am now out of the metals trade for the most part and looking to make some money by shorting the Dow, S&P and the Russell. Trying to find any bullish or even slightly positive signs for them is like trying to find a needle in a hay stack!
I'd be very cautious about going short here. I'm looking to go long on the S&P at about 1100 to ride the swing on the seasonal buying in Oct. 1100 - 1250 would be sweet. Call me craaaazay. After that, of course, death spiral to