Crazy, volatile days can really leave you scratching your head when it comes to basic charting. You start seeing ghosts and patterns that aren't really there. So, after a day like today, I felt it necessary to once again break out Mrs. F's white-out in an attempt to see a trade-conducive pattern in a sea of Cartel-induced opacity.
Look what I found!!!
I remember seeing something a few months back about the Bank Participation Report and how it seemed that The Cartel were moving their price-capping efforts offshore. Fearful that their stooges at the CFTC would eventually have to act to impose position limits, the thought was that the EE was shifting their heavy shorting to non-US entities that wouldn't be subject to the limits. Just something to consider.
Back to the business at hand. Note that once we remove this morning's craziness, we're left with a pretty strong-looking chart. Silver peaked at 43.40 overnight and then bottomed this morning at 42.20. As I type, its trading on the Globex at 43.42. The more time we spend at 43.35 and above, the more likely it is that we will see continued strength this evening and a big UP day tomorrow at The Death Star.
Equally compelling is the gold chart with the craziness removed. Check this out:
OK, that's it for now. I'll update this evening if I feel I have something worthy of your time and attention.
7:45 am EDT UPDATE:
Thought I should re-post this chart of the POSX from yesterday. The excrement made it to almost exactly 76 before reversing and heading lower. This is, quite obviously, helping our PMs.
I'll have a full, complete update for you by around 10:30 EDT. Sorry for the delay. Hopefully, we'll have lots of fun, happy things to discuss...TF