***Very Important Update: The reason I always go solo to Vegas to play poker is that few things annoy me more than having to listen to some dude talk ad nauseam about his bad beats. Well, re-reading this post, I've become that guy. So, unless you enjoy that kind of thing, please feel free to skip right to the chart, the take home of which is, I'm watching the black line and the three levels of horizontal support for cues to re-entry into this market. I'm keeping the post up though because what good is having a blog if you can't use it to vent hyperbolically on occasion? ***
I've been kind of pissed the last couple of weeks, feeling like a chump for being shaken out of my paper silver position last month. But hey, unlike the sneering holier-than-thou anti-silver crowd who will go to their graves denying manipulation, I am a natural skeptic who considers all viewpoints, letting data determine my theories and not vice versa.
Once silver saw a 42.5% fall from its September high (35% in two days), I decided to sell into rallies against my instincts, just in case silver really was the bubble the John Nadlers of the world have said it was ... Don't get me wrong- they strike me as the most contemptible of scumbags, men fit to hang, not to trust - but then the chart was what it was ... it looked like the canonical bubble chart we've all seen, and this recent cratering looked like the final bull-trap falling apart. I had to concede that maybe silver was indeed the industrially overrated, widely available, stupid investment the anti-silver bank mafiosos (and their loathsome groupie shills) have maintained.
Well, as I've been bitching about of late, it's looking like a masterful chart painting job to me now. I said on Sunday $33 should be pretty strong support ... it was, and I entered into a small position at that point. But watch the black line on the chart below. If that's broken to the upside, I'm all in silver. And this time the fuckers won't shake me out if they run this thing down to $5.
Btw the circled points are the February 24 criminal raid, the Fukishima sell-off, the May massacre bottom, and the summer, pre-rally low, all buttressing the two nearest horizontal levels of support to watch.