Positions: short SLV
SLV fought like hell to get above 32.25 but in the end the bulls gave up the cause and we found ourselves breaking a little bit of a swing low at 31.50. The daily chart looks about as bearish as you can get and the weekly shows a downtrend in effect. Lets see where it goes, eh? Knowing this market it will gap up to 33 tomorrow morning. I wish I wasn't joking. The stock market pushed to another high today, and thus into even more over-bought territory. A move under 1240 could be the start of something problematic. GLD and SLV are looking weaker than the market right now, and I don't think that is good for the market. I am trying to figure out how to put my charts on here so bear with me to anyone who cares. This market lately is killing people who think that a shooting star candle means anything, as they always gap it up above the high of the shooting star like clockwork. Let's see if they do it again tomorrow, in my opinion it would only exacerbate the over-bought condition.
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