Its called that because Blythe is in there, whacking away at the silver advance.
You can see it already. The EE has decided to vigorously defend the area around 33.40. Why there, I have no idea but you can clearly see it here on this latest hourly chart (WO edition):
Someone on the earlier thread posted some preliminary numbers for the March OI basis yesterday. The number was something like 48000+. If this is accurate, it is a truly astounding number! Again, by Monday at 1:30 EST, you either have to show 100% funds for delivery or be out. There is no in between. Watch this very, very, very closely today.
Lost amongst the shuffle of all the madness, this pig looks like crap. It must be watched closely as we are once again approaching some pretty significant, long-term technical levels.
You have a great seat for observing this epic battle. Enjoy.
As usual, more later. TF
10:50 EST UPDATE:
Well, this was pretty good...
"This is a chart that looks to me like it wants to go higher. Much higher. And soon. Like a pop up toward 34 and beyond is in the cards before too long."
If you're trading this morning, don't bail too quickly. Blythe is dealing with a severe counter-attack is surely under duress. Let this keep kicking higher for another 90 minutes or so. Sometime, after 12:30 EST, I'll be looking to finally sell my remaining March calls. On any subsequent pullback, I'll begin piling into May. TF