Gallows pole for silver?
Silver tracking ETF SLV is now approaching the 15.56 low I have been mentioning as the low that must go before silver can make it's "last" run to 18.50. The upside target for SLV "should be" 17.57 and it would create alot of chachingo if the call options were perfectly timed. I think I'll try. Anyone else? :O
I am borrowing this song becuz it describes what teh silver stackers have got to be feeling right now. All credit and any STEEM I ever earn on this post goes to whichever media controlled entity now controls the rights to this song. All credit will always go to the greatest band there ever was though. :-)
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The "corrected" upside target for SLV is actually 17.57. That would dictate a price for actual silver of appx 18.50 tho I believe. Here's the SLV target on the 3 month daily chart.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=44&y=16&time=6&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
True t form, SLV just put in a new and improved and looower low that needs to get taken out and "likely" won't generate a good buy entry point for the rest of the day. If anyone is feeling happy...perhaps "too happy"...go visit a blog where silver bugs hangout. Trust me...you'll feel depressed by noon. :-) I love the silver bugs. The "whiners" of America. I'll try and help stop the "manipulation" via a buy call. Wish me luck, silverbugs. :-)
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=47&y=8&time=3&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
Don't forget to click on the Zep tune as you visit that silver spewing web hangout. This Zep tune is an excellent whining tune. :-)
Intrusting...they just did with SLV as they did with UVXY yesterday...put in a "subtle" short term bottomat the 15.51 low.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Fund&symb=slv&x=57&y=15&time=2&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
The SLV trade becomes interesting again and it might even get done today. Toldja I work fast. :-)
SLV now setting up for my buy as it trades at 15.56 and moves slooowly lower. It "might" hold 15.52...it might trade slightly below 15.50 becuz some moron has a stop set at 15.49. :-) Either way, let's target those 7/7 expiry $16 calls as our lotto play. Now at .09 and the buy signal hasn't quite been generated. But do I look skeeerd? >>> :O I'll log in a trade of 20 7/7 expiry $16 calls here at .09. Target of 16.30 minimum, "maybe" 17.50 if Greg Mannarino doesn't notice the trade until it's at like 16.75 before he steps up to a long.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=52&y=15&time=18&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
To continue this thread with an update...SLV now has the first leg of the actual short term buy signal in as it traded down to 15.52 as I "outlined" that it might. By waiting 1 day the July 24th expiry $16 calls now fall in price enough to put them right in the "zone" of being a great lotto play at teh current .14 asked price. I'll try and time the low with another spew. But as of right now my system already bot the SLV 7/7 expiry $16C's (calls) at .09 yesterday.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=51&y=15&time=18&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
The next retest of SLV 15.50 should do it. Low for that 7/24 expiry was .12 and that should at least be matched to the asked side of the trade. Maybe I will just log .13 to show everyone that 13 is not an unlucky numba. :-) SLV now at 15.54 and "will" see 15.50 to generate the short term buy signal...so if you are looking to get snookered becuz you just bot at say 15.75 last week and you are skeeerd...set your stop at 15.49! ...do it nooooow! :-)
6/22/17 update: SLV is now moving away from the 15.60 area by trading at 15.71 in premarket trading. As with the GDX trade. Go at least "half out" if the $16 call options for either expiration I outlined at least double from my listed buy price. SLV never did generate the buy signal I waited for. I'm starting to find out that sometimes my buy prices are so accrut that they even trick me into not getting in. Almost as if even I can't believe how good my machine is. :-)
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=56&y=7&time=18&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
Limit to sell was not executed. SLV needs to break thru 15.70 with "conviction" and if it does that I would go "all out" of the shorter term trade, which is the July 7th expiry $16 calls. This may pullback and finally generate that buy signal I was waiting for yesterday tho. So it might pull back here. I wouldn't make a new entry in this trade or add to it just yet. If it breaks out I bet the rally chasers get their asses kicked. ...so I'd definitely exit a buying frenzy.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=53&y=12&time=18&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=53&y=12&time=18&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
6/23/17 update: SLV still a hold as today's opening high "should be" taken out with a higher number.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=44&y=8&time=18&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
Limit sell on the SLV 7/6 expiry $16 calls will be set at .20, now at .14 "live" as SLV hangs in near the opening high of 15.83.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=44&y=8&time=18&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
6/26/17 update: The ass whoopin "paper" silver took in premarket trading was even worse than the smackdown "paper" gold in the form of GDX took. I am now in a position that I must "hope" it rallies enough to get me out my trade with gains. SLV now down .10 at 15.69 and I need to get as close to $16 as possible in the next 3 trading days. Wish me "luck."...Greg. :-)
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=29&y=20&time=3&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
The new target low for SLV is 15.40. Just jot it down if you can't remember...but shouldn't you precious metals "addicts" be jotting down ALL the impotent numbas? :-)
6/27/17 update: SLV is now signaling a short term sell so I will exit both SLV trades I posted...the July 6th expiry $16 calls get sold at .13 market for a 40%+ gain and the longer term July 21st expiry $16 calls get sold at .23. I paid .13 for those. I will re-enter this trade on teh next signal of "significance." SLV now at 15.84 ..."live" as I'm spekin to ye.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Fund&symb=slv&x=23&y=14&time=3&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
My new trade in SLV was flagged today so I will just post the trade here since this blog has now become "unflagged." :-) I took the other side of this SLV trade today via the SLV July 7th expiry $16 strike puts. They were trading at .22 when the trade was initiated. This is a short term hedge against my longer term buy call in GDX. SLV closed right at the area it was in earlier today when I posted the trade.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=gdx&x=61&y=16&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
vs
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=slv&x=40&y=20&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
I will continue to update the GDX trade at the blog where I initiated the long position last Wed, until that spew also gets flagged. ...along with this one. :-)