No, not really. Not so much.
Tomorrow, Friday, the 18th of February, 2011, is not just another day. Its equity option expiration day. Its a $7B POMO day. Its Vanna White's 53rd birthday (and let me just say...for 53? Uh-huh. She is.).
Tomorrow might also be the single most important trading day for the precious metals that I can recall.
So many of us have waited. We have been bludgeoned by the EE. We have been referred to as insects. We have been accused of being tin foil hat-wearing conspiracy theorists. We have tried to convince anyone who would listen that the Comex is nothing but a fractional reserve bullion banking system which could be brought down if enough people were simply willing to stand for delivery. By this time tomorrow, we may be on the edge of vindication.
The Evil Empire seems to have lost control of their dominion. With only six trading days left until first notice, the March11 silver open interest still stood at 55,811 last night. Tomorrow, we will receive the numbers that will be basis today. IF they hold firm...
The Evil Empire did not intercede in the rally today. Why? Why?? Do they fear that by selling new March11 paper shorts they will only be compounding their OI problem because they will be issuing new contracts to hungry longs who will add their number to those seeking delivery? Tomorrow, we will be on the lookout for Blythe and The Monkeys. IF they fail to raid...
Our Buyer(s) of Size have been aggressively buying in size. March silver began the week at 29.80. It reached a high today of 31.79. With no EE interference, will silver tack on another dollar tomorrow? Will it add 1.50? Maybe $2.00? Tomorrow we will know the answer. IF it continues to rally...
On the other hand, the Evil Empire may be setting a cruel trap. They may let price run initially, only to release information, make an announcement or otherwise change the rules mid-game. Silver may put in a dreaded ORD and we close back near $30. IF they don't act tomorrow, with all that's on the table, we will be able to draw some rather dramatic conclusions.
So, rest well. Be happy. Today was a great day. A fun day.
Tomorrow, however, is HUGE.