I am Jimmy Stewart

The Turd finds himself in a very odd situation. I feel like a Jimmy Stewart character in an Alfred Hitchcock movie...the ordinary man who finds himself in an extraordinary situation.

Before we get to our daily summary, I feel I must address this WB thing. Someone posted earlier that WB is "going away" and that "they" feel that "The Turd Ferguson blog" is a much better place for people to get info than from WB.
Look, I still have no idea as to whether this entire Wynter Benton story is anything but nonsense. There certainly is a lot of circumstantial evidence that something is going on and we've discussed that often over the past few weeks. No one...and I mean no one...should harbor any questions as to whether or not I am associated with this group, if there even is a group. The Turd is simply The Turd. I started this blog at the behest of fellow ZHers 3 months ago. It has grown wildly, frankly, to my amazement. Any opinions offered here are dreamed up solely between my two ears and nowhere else. Period. The fact that Benton gave me an "endorsement" is more surprising to me than anyone. My biggest concern now is that, IF The Morgue falls and takes with it the entire financial complex, I'll probably get my sorry butt dragged up to Capitol Hill under subpoena. Come to think of it....that ain't such a bad idea! I have nothing to hide and I'll probably get some kind of book deal out of it. Sweet! Let's do it!
Anyway, I had to get that off my chest.

To the business at hand...
We discussed last evening the potential for a complete breakdown in the EEs ability to raid and suppress the PMs. http://tfmetalsreport.blogspot.com/2011/02/wow.html
What we saw today did nothing to invalidate that hypothesis. Take a look at the intraday chart:

Nothing but straight up. I was able to sell the March 31 calls I so foolishly purchased yesterday and rolled the "house's money" into March 32 and April 1400. Here at 3:45 EST, I've got 31.74 and 1385. Simply amazing. Maybe Blythe and Ruprecht have already bugged out and are currently in the first-class lounge at JFK, awaiting their flight to Venezuela. http://www.youtube.com/watch?v=RBGqtOKmWHo

Behold below this absolutely beautiful, daily silver chart. Sit back and smile.

Now that we are through the old highs, the question becomes at what point does the advance temporarily stop. The three other breakouts on this chart have resulted in roughly 38%, 26% and 24% moves from low to high. Applying that math here and we get a goal that is slightly above $33. Of course, if "Benton activity" continues, there probably isn't much stopping it there. Maybe we see $35. Shit, who knows?This is really unprecedented. Stay tuned.

I've seen some griping that gold isn't participating at the same percentage rate. Be patient. Please go back and review the post below, paying particular attention to the discussion of gold.
http://tfmetalsreport.blogspot.com/2011/02/happy-tuesday.html
It was always going to be tough sledding until we get through $1390. I originally thought it would take until March 1 or so and it still may. Again, be patient. Once 1390 is broken and closed through, we should quickly move toward the old highs of late December and early January.

Finally, I hope you've enjoyed this three-week ride from Turd's Bottom. I wasn't the most popular guy in the world when I posted this http://tfmetalsreport.blogspot.com/2011/01/end-is-near.html but I think its worked out pretty well. I sincerely hope that your faith in me has been rewarded over these past few weeks. I know our "sponsors" appreciate your support and many of you have "fed the turd" and for that I am grateful. I'm scheduled to have my first website planning meeting next Tuesday so I will be soliciting opinions from you over the weekend. Please give this some thought as all input will be considered. The timing is perfect because this site is growing at an almost exponential rate. Well, with the endorsement of Wynter Benton...why wouldn't it be?  ;)

More this evening. In the meantime, my advice to you is to head out and tip an adult beverage. Days like today don't come around very often. Make the most of it. TF