Silver hits its first upside target. Take profits :)

Silver is currently trading at 35.110. The high so far has been 35.70. Please take profits on at least 1/2 of your long positions. The longs were put on between 31.50 and 30.50.

Also, it looks like we are going to have some profit taking going into a Friday. Remember next Monday is the last day of the month. Tuesday could see fresh money pouring into the market. Momentum players, as well as anyone who missed being long this month will be chasing this market.
Market timers who missed this month because they were afraid to be long in “OCTOBER”, just missed the biggest one month gain since 1974.

Remember, there is a huge difference between what you hold for long term and what you trade.
Long term, the net return for holding the broad market has been approximately 8 percent. The catch is, there are potential 5 year bear markets or corrections looming out there which can nail you right when you need cash.
So what is the strategy?
Logic tells us not to have cash you will need to spend in the next 3 to 5 years exposed to the long term market.
If its your retirement money, leave it alone for 30 years. At 7 percent a year, your money doubles every 10 years. That’s the rule of 72.

Anyhow, that’s for another discussion.
For now, take profits on your Silver.


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