First of all, a big thanks to everyone as we had our biggest day yet. Almost 19,000 pageviews!! An utterly amazing number. Seriously, I'm speechless. Thank you. I'm glad you're all enjoying this forum.
Second, I apologize for the infrequency of posts today. We are opening another business this week and it is taking a lot of time. This entire week will be busy but I'll try to post as often as possible.
After the disgusting shenanigans in the silver market this afternoon, price has rebounded about 30 cents or so from the lows. As you know by now, I like to study charts at night to look for clues that might foreshadow the next move. I found two things for you to consider. First, let's re-visit our old friend, the USDX. Recall last week how the "umbrella" formation we found accurately predicted a rather significant drop all the way to 79 on the Mar11 contract. We expected a bounce from there and then some consolidation and, well, whaddayaknow, we got just that. Now, the question is, what's next? Take a look at the updated chart:
Next up, take look at a 5-minute Mar11 silver chart:
On the other hand, if the BoS can bust us back through 30.85, we'll be back above 31 before I hit REM.
Oh, and remember, tomorrow is Tuesday so we stand a high percentage likelihood that we'll have an UP day before the COT survey. If you're wondering why that's important, read this:
That's it for now...I gotta hit the rack. Thanks again for reading! TF out.