OK, you can begin to see now how this is going to work. The final capitulation appears to have come this morning before the BLSBS report. We have since rallied over $3 in silver and are about to turn positive, taking back all of the losses since noon yesterday.
In a traditional bottom, silver would then trade back DOWN toward $35 later next week. At that point we'd have the makings of a solid double bottom. THAT WILL OUR ENTRY POINT.
If you're not currently long, I would advise you against buying this rally. With a potential short-term upside of $3 vs a downside of $2, its just not a tradable proposition. IF, however, the next week or so plays our as I've described above, the risk:reward will swing dramatically in our favor and we can act decisively then.
More later. TF
2:10 EDT UPDATE:
If you are encouraged by today's action, I invite you to go back and re-read this post from Wednesday. Other than hoping for higher bottoms for silver and the HUI, the timing of it all and the buying points for the individual miners looks pretty good.
Silver failed to keep rolling today but it didn't get any worse, either, and, believe me, that is significant.
We have to start somewhere.