On Wednesday October 19th, just a week ago I wrote the following:
“More interesting, our August high at $44.00 sucked a lot of bulls back into their longs, which precipitated the puke sell off down to the $26.00 level. $33.00 an ounce is resistance I’d look at now. I’d sell it at $35.00 as well. A rally back to $37.30 would be a gift to sell into.
So what to do?
I like being a small buyer here at 31.50 to 31.00. If 30.50 holds then we should bounce up to 35 or maybe 37.00 In any event, risk one unit to the down side to try to make three to four units on the upside.
Cautious buyer, looking to sell it at 35 and 37.30.”
Silver traded almost up to 34.00 overnight.
My advice is to take profits on some of your position. Move up your stops on the rest and look to 35 as your first sell target.
On a separate item, today is the day that Germany and France and Italy, et all… try to agree to fixing a problem which took years to develop. I am not holding my breath.
That is all