AMEX:SLV   iShares Silver Trust
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"All the king's horses and all the king's men couldn't get silver to rally again." How is it that this market could NOT muster enough buying interest to move to new highs amidst so much potentially bullish news? SLV and all of its sister etf's that own silver or silver derivatives should be tested in the coming days and weeks and months. This situation of "no new highs" in the last four months is a major warning sign to me. I will be on the lookout for a sign of relative strength to change my opinion, but for now I believe the buyers of silver are TRAPPED in their positions and the only way out is to sell. CONCLUSION: SELL SLV . TREND: CONFIRMED DOWN UNDER $38. STOP LOSS: $41. DOWNSIDE POTENTIAL: equal to the last 3 month range or $10. TARGET: $32-$30 over the next 3 months.
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