Multiple gap ups outside of the Bollinger Band, mixed with running through multiple longer term and intermediate term Fibonacci levels. Avg short entry at 21.40 looking for a short term top. Not looking to hold short long term, just a trade.
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Short calls worked amazing this morning with the IV drop. The long put spread covered the short end on the IV drop, road the long part on the way up. Overall the puts didnt pay as well as one would hope, but profitable. Short stock +.45
Mostly out of the trade now.
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Looking for re-entry on the put side if IV drops to better levels depending on the backdrop
actually it's not insane. silver was extrmeley undervalued. actually it was historical low agains the gold's power. now it's rebalancing.
they can actually push it higher for now but after the rebalancing done , price will fall all the way back to 10-11$ again imho. even single digit silver will be possible if upcoming market crash exceeds the expectations. commodity prices fall gonna be very sharp. gold can drop back under 1100$ with a dudden death style.
good luck.
TheCarny
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@VulcanoRosso I have leaps in silver since the bottom. I have a long silver position almost always... this is for short term trade
scheplick
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@TheCarny, congrats on that. Some of my biggest winners have been LEAPs
SamSzulc
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@VulcanoRosso, Then realistically you have to answer the question why silver isn't already at historical highs of the double top on 1980 and 2011 around $50, not even 50% of that price though we came close overnight. The market is telling you something but you aren't listening, this is a correction from the 2011 highs, not a new bull market. If we haven't seen the high overnight we're getting close. Feeling bullish is environmental to yourself and those around you, drawing lines on charts projecting higher prices that haven't occurred is a big mistake. The reality is so far this is wave C of an A-B-C pattern that's terminal, only gold is coming close to it's all-time high and may break it a little without silver and platinum. If correct then we'll exceed the 2011 lows before a lasting bottom is in but that'll take years to complete.
VulcanoRosso
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@SamSzulc,because silver is not a precious metal that people think it is. it's an industrial metal like platinum and copper and price can be only driven by high demand + high inflation expectations.
silver can go up to 150$+ in the future but that's a very very long term shot. price pattern can be much more complex.