Wednesday, December 29, 2010

The FUBMs Continue

A very quick FUBM reversal in silver this morning has taken us back up near the 30.50 level as I type.
The Forces of Evil raided silver at precisely 8:20 EST, taking $0.11 out of the price in under a minute. As usual, they sat back and watched for five minutes and then struck again at 8:25, taking out another $0.11 in about 30 seconds. Not surprisingly, our BoS seemed to be waiting to counter-attack and silver has since rebounded. Here's a pretty little picture of another, beautiful FUBM formation:
As stated yesterday, I'll be very interested to see how the EE reacts if March11 silver begins to encroach upon the old intraday high of 30.75. I simply can't imagine that Blythe will allow silver to blast right through to new highs. Maybe the BoS is waiting to take the Death Star by storm, simply overwhelm them and drive price over 31. They could turn the tables on the EE by doing this as new highs heading into the new trading year would certainly trip a lot of buy-side algos. It would be the same principle as the EE has used all these years to screw the longs. This time, however, the move would be to the UPside and it would screw all the shorts. Hey...a guy can dream, can't he?

Let's watch the action today. If the March11 USDX can move back down through 80.40, it would certainly help. Watch crude, too. I'd like to see it hang in there and consolidate above $91.

More later.

60 comments:

  1. On another note, I believe if we can make it through the next couple days then we should see the solid uptrend right through to next Tue-Wed in which it will almost def be time to sell. The last two Up-legs have been a combined rally range of 6-8 trading days. Let's hope she holds on!

    And not Blythe, I hope that F-ing horse bucks her off lol.

    ReplyDelete
  2. Yes, Chris, I'm banking on being right today. We'll see...

    ReplyDelete
  3. Turd, I took your advice and closed out half of my position this morning, waiting for the attack and move downwards. Is this still your current stance for the day? Many thanks!

    ReplyDelete
  4. Checked silver early this morning and just now and was going to post a comment wondering why the EE hasn't attacked yet. Read the Turd's post and just went, "oh, they did".

    They are getting kinda pathetic.

    ReplyDelete
  5. Dave, I was thinking the same thing. Blythe! Is this all you got bitch!?

    ReplyDelete
  6. The Mongol Hoards are coming for Blythe.

    ReplyDelete
  7. Guys, don't underestimate that Whore! jd

    ReplyDelete
  8. The past 10 minutes have been interesting. Sharp spike straight up for almost 20 cents. This is crazy.

    ReplyDelete
  9. The EE getting it's ass pounded, me likey.

    ReplyDelete
  10. Finding it damn hard to keep my discipline now and not chase.

    Wont be surprised if they announce another margin raise on friday lol.

    ReplyDelete
  11. The price ladders are fun to watch on the breakouts. Every now and then a big block of 400 contracts shows up on the bid side. As I type they are trying to cap the upside at 1413.5. There is a block of 120 contracts lurking at this level.

    ReplyDelete
  12. @thecoloredsky: In my humble opinion, the "crazy" part is that silver is still under 35 bucks. It's also crazy that every morning like clock work someone executes a take down on silver with military precision. The spikes up and the general trend is just reality attempting to reassert itself. Reality will win, in the end.

    ReplyDelete
  13. Yes, Tyler, I'm trying to get filled on some sell orders right now. I need about 30.70 or so.

    ReplyDelete
  14. Rick: Yep. That's right there near the old intraday highs.

    ReplyDelete
  15. Not sure, but I suspect that equities will sell off/correct to some extent after mid-January (maybe before) - I'm very interested to see how PMs perform during that event.jd

    ReplyDelete
  16. This is going to be VERY interesting to watch at 30.75 and 1415. Could go either way.

    ReplyDelete
  17. Anyone here follow Mike Maloney at http://goldsilver.com?

    I've just started watching the videos on his site. Very informative so far.

    ReplyDelete
  18. If that $ cracks and starts heading back toward 80, its going to be even more challenging for Blythe to contain things.

    ReplyDelete
  19. Yes Mike Maloney and his Rich Dad series book investing in Gold and Silver are ultimately what turned me on to this stuff. Just sucks because that is the last book I read out of the Rich Dad series, after reading almost 15 of them lol. But at least I got in early enough to start buying silver at $18.50 an ounce. Mike is a great guy and very knowledgeable about PM's. He is on one of my bookmarks and has a pretty good news feed going on his site now.

    ReplyDelete
  20. TF: What is your e-mail address? I need some insight husto and don't want to ask it here. Thanks.

    ReplyDelete
  21. Turd: SLV has been riding on the 40 day EMA with almost no resistance since yesterday morning. As long as we don't have any large hits there is no reason we shouldn't have another 60 cents in the bag today.

    ReplyDelete
  22. Turd,

    I'm interested to know why you'd be selling now when you said in recent posts you expect the next leg up to occur within the next few weeks?

    Thanks.

    ReplyDelete
  23. igive: tfmetalsreport@gmail

    flaunt: Please read the entire post from yesterday. The EE has been so utterly predictable as of late, I'm trying to see if I can profit from it. I'm selling a couple of my March11 silver calls if we get near 30.75. I will, definitely buy them back if we plow on through or, preferably, we pull back near 29.50-75 after the inevitable EE attack.

    ReplyDelete
  24. If we're going to see 30.75, it should happen any minute now...

    ReplyDelete
  25. interesting that the spike kicked off at 10.00 exactly, start of the pm fix period. is that short covering my eyes behold?

    ReplyDelete
  26. Turd, do you trade Palladium? The futures chart on finviz.com looks like a stairway to heaven.

    ReplyDelete
  27. Any significance to the silver option termination yesterday and silver future termination today? I was expecting the beatdowns to happen earlier this week; though I suppose there are still 3 days left in the year...

    ReplyDelete
  28. Turd, I get that, I was just thinking there's a lot of room on the upside to run so it seems like you'd hang on. But I get it. Can't blame you for taking profits.

    ReplyDelete
  29. I was just thinking, we should setup an IRC channel for metals talk in real time.

    ReplyDelete
  30. Do you get the feeling someone believes waiting to Jan would be a very bad idea? Hmmm

    ReplyDelete
  31. It looks like a double top has been drawn at 30.70, and the last POMO money for the week has been released.

    ReplyDelete
  32. I don't get it... WHY would the BoS want the price to go up? Wouldn't they WANT the price to stay low? Only the miners and investors want the price to go up...everyone else...should want it lower.

    So WHAT am I missing?

    ReplyDelete
  33. Thank God I swore off attempting to trade anything in the 4th quarter of 2009 - I accepted the fact that I'm not smart enough. Instead decided to focus on adding physical PMs, which I have done. It has been so much easier making money in a "real" bull market.

    I'm afraid Turd is about to give me the fever again, lol. Thanks for the blog! jd

    ReplyDelete
  34. Yes, a 20 point plunge in the USD, but Blythe has the silver market capped - no corresponding move.

    ReplyDelete
  35. @joe: I concur, nobody would want to buy on low volume (this includes short covering) except one time buyers (investors) or producers.
    On the other hand, where is the EE, this is the time when you could hit silver hard and everybody would think it's due to year end profit taking. Something smells fishy.
    Could Blythe be on holiday?
    @colouredsky: I'd join!

    ReplyDelete
  36. Well regardless at least it can't hurt, would still rather have it falling than making a comeback.

    ReplyDelete
  37. Joe: Take a few quiet minutes sometime today, close your eyes and pretend that you own several billions of dollars of a non-interest bearing asset. I'm serious about this. How do you benefit from it?

    It takes a lot of money to corner, or at least gain control, of a commodity or stock, but once done it takes relatively little money to maintain its price at whatever level you want or to move it around a bit as desired or needed.
    To take advantage of their massive holdings, perhaps they have pledged it as collateral for loans which they have invested in other assets. Who knows? But they would certainly want the price to stay up or go up some more so that their collateral doesn't get taken away.

    Just like a hot-air balloon takes a lot of hot air to get filled, it needs relatively little additional to keep it aloft.

    ReplyDelete
  38. It sure looks like it's about to pop higher.

    ReplyDelete
  39. Over/under on the run back up to $30.65: 45 minutes.

    ReplyDelete
  40. 7Y auction @ 1PM ET. I'll be surprised if EE doesn't try anything funny.

    ReplyDelete
  41. @ CO_Dan -- I would guess way under, if it keeps going like this. Another FUBM in the making?

    ReplyDelete
  42. what do you think about putting a little money from silver into copper?

    ReplyDelete
  43. Interesting PM fixes on the London market today,Silver up 4.7% (+ $1.37,huge problem for EE there),Copper up 1.7% (the EE,s Insurance policy,hopefully underinsured) and Gold miraculously unchanged at 0.0% (miraculous that,0.0 at spot on PM fix,wonder how much that cost the EE,hopefully billions).

    Stay Festive,buy Silver take down a bank,its you Festive,Patriotic Duty.

    ReplyDelete
  44. Nick Barisheff interview on FSN - states silver shortages and delivery delay is currently a function of refinery bottlenecks. Also states Chinese banks are clearly ramping up their precious metals departments (and have no interest in anything but physical). Other good PM commentary too ...

    http://www.financialsensenewshour.com/broadcast/fsn2010-1217-1.mp3

    ReplyDelete
  45. there we go, $30.70.

    if it crashes its going to be before 3, if not looks like its clear sailing till next tuesday at $33 an oz.

    ReplyDelete
  46. any thoughts on if www.standfordelivery.com could have any effect on the price today since today is delivery day?

    ReplyDelete
  47. On a more positive not, the U.S. mint has stopped production of Silver Eagles due to a shortage in supply of silver. Man 2011 is gonna be fun! Oh yeah just about ready to break through that high!

    http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?catalogId=10001&storeId=10001&categoryId=13738&langId=-1&parent_category_rn=10191&top_category=10191

    ReplyDelete
  48. Dollar getting whacked again...

    ReplyDelete
  49. Another dollar fall - now for a total of over 50 points, and the silver market cap held again. But if Blythe gets annoyed, I wonder if she might get the big hammer out?

    ReplyDelete
  50. Chris, not the bullion eagles, just the "uncirculated" version.jd

    ReplyDelete
  51. Incredible jump in silver futures open interest today, see right hand column in my spreadsheet:

    Click Here

    ReplyDelete
  52. First signs of truly running out IMO

    ReplyDelete
  53. Hell, I'm beginning to think someone is just teasing in silver shorts right now and this bitch is about to sky!jd

    ReplyDelete
  54. Silver/Gold is doing just fine today with fllushing of the $US - just imagine where they will be trading when the $US index is trading @ 50, which is where it will be within the next 2-3 years, if not sooner, with the upcoming Fed bailout of the US cities/states as well as Euroland!jd

    ReplyDelete
  55. Does anyone have any oil stocks that they like that should do well in the next few months? Just something to diversify a little.

    ReplyDelete
  56. Duke, just happened to see this in FBN as you posted that:

    http://oi53.tinypic.com/fvwmbn.jpg

    ReplyDelete
  57. Yes, the Euro debt problems will have to compete with our internal debt problems in the coming year. It won't be pretty.jd

    ReplyDelete