I think it's safe to assume Silver is ready to surge again. We can enter longs here, the stop is tight, so risk a small amount. I am risking 0.25% only on it. I'll also buy a CEF position today.
What targets you looking at for Silver for near term ?
IvanLabrie
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@AvinashMudaliar, first we need to hit +100 in CCI in the daily.
faronf
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@IvanLabrie, what's your thoughts Ivan, can it keep going? Are we looking at a long term bull yet?
IvanLabrie
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@faronf, hi, entirely possible, but the implications would be quite negative for stocks and the economy.
Next week, we have a chance to see a correction start in stocks, I will be reentering my gold and silver positions...I only have PAAS shares currently, and physical.
faronf
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@IvanLabrie, i'm long USLV currently, sadly i had bought at $11.80 before those pesky crashes hit taking it down into the $9 range, i bought some more in the $10 range. I'm hopeful we have seen a YCL for silver on that last spike down; guess will likely see next week.
IvanLabrie
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@faronf, USLV, leveraged ETFs aren't good for long term moves. I'd reccomend some other vehicle for this.
faronf
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@IvanLabrie, I plan on cycling in and out, will be watching levels next week closely. Long term decay would kill you otherwise, you're quite right.
IvanLabrie
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@faronf, yes, glad you're aware of it. CoT data is encouraging and the chart is quite positive now, so I think we can capture many moves, with a long bias here.