It'll be very, very interesting to watch silver this week. Are we actually going to see the enough buyer(s) of size stand for physical delivery that the Comex fractures and begins to fail? Read Harvey right now.
http://harveyorgan.blogspot.com/
Set an alarm on your phone for 8:30 EST tonight, too. By then, Harvey will be out with his all-important analysis of Friday night's open interest. Whether or not you're actively trading and attempting to profit from this situation shouldn't matter. It's great and compelling theater.
In the meantime, keep an eye on the Dec10 silver contract today. A breach of 26.35 would be bad as it would indicate a drop to at least 25.75. A move up through 27.20 would be positive as it would signal 27.75. Personally, I'll be very surprised if we head lower here but with all the bs and nonsense coming out of the EU, anything can happen...at least in the very short term.
More later.
Street fight underway in the silver pit. This is very exciting indeed.
ReplyDeleteYep, dd. Very interesting.
ReplyDeleteWith the S&P down 13 and the USDX at 81, you can rightly assume that Blythe will be instituting an attack shortly. The question is: will our buyer(s) of size step up and stop the selling again between 1350-55 or will they let some weak-handed longs get shaken out and let it run to 1340? We'll see.
One more thing to keep in mind today, there is roughly $34B in POMO coming tomorrow through Friday but only $2B today. For a little "breathing room", the dollar rally and gold whackjob were expected today.
ReplyDeleteAgain, watch 26.35 in silver and 1350 in gold for initial support.
And on the USDX, I just can't imagine it going much higher. Stiff resistance between 81.30 and 81.80. I'd say those PM support levels I mentioned above will hold and they will be the lows for the week.
ReplyDeleteThe sell side is behaving more and more like a wounded animal. I sense a massive short squeeze developing if we can claw a little higher Turd...like you pointed out...27.20...like the saying goes in mountaineering...It's always higher than it looks and it's always harder than it looks.
ReplyDeleteKitco
ReplyDeletehttp://www.kitco.com/charts/livesilver.html
although you will need to refresh.
belling: the front month Dec10 contracts are listed shown on CNBS. YOu can also get live quotes through many sites. Do a google search of "free commodity quotes" and you'll find a bunch.
ReplyDeleteAnd this is interesting:
ReplyDeletehttp://finance.yahoo.com/news/Rubicon-Announces-40-Million-prnews-2108809983.html?x=0&.v=8
RBY has long been rumored as a takeover candidate, too. Worth a look.
RBy stock up 18.5%...
ReplyDeleteAnyone long futures should be ready for additional margin increases at anytime.
ReplyDeleteespecially if Harvey is correct on the impending silver Comex failure
ReplyDeleteTurd, looks like 27.00-27.20 is the new front line in this battle.
ReplyDeleteApproaching break point.
ReplyDeleteBroke through $27.00 at 1:00 eastern. Had been battling it out at $27.00 for about an hour.
ReplyDeletewhoa Baby! Look at that thing go.
ReplyDeleteI get Gold/Silver live update quotes:
ReplyDeletehttp://www.kitco.com/kcastwindows/
Application is lousy looking, but it works.
Jack: Thanks. Now I don't have to refresh my Kitco window!
ReplyDeleteI can't post html in a comment, but I made my own little file that auto refreshes kitco once a minute and maximally scales gold/silver on the left/right.
ReplyDeleteemail me at gmail if you want a copy of my little html file for live wallpaper chart type action.
$27.20. I guess that means were headed to $27.75? This is easy. Thanks Turd.
ReplyDeleteYes, barb, looking good. Next stop will be 28-28.20
ReplyDeleteDoes Blythe know too, Turd?
ReplyDeleteSome Weibo entries are censored - such as ones that relate to the ongoing unrest in southern China's Wukan Village.
ReplyDeleteBut Chinese authorities have accused netizens of spreading rumours on Weibo in the past and have long been discussing putting in place a "real name mechanism".
Liu Ruisheng, a media researcher at the official Chinese Academy of Social Sciences, argues that that improper Weibo usage is a widespread phenomena.
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I sense a massive short squeeze developing if we can claw a little higher Turd...like you pointed out...27.20...like the saying goes in mountaineering toner cartridges ...It's always higher than it looks and it's always harder than it looks.
ReplyDelete12a it takes great talent to produce something so ugly.