The metals have been staging a tough battle between bulls and bears of late, as denoted by the increasingly tight price action on their daily charts. Given that both metals saw swift moves down recently, the bears are obviously looking to press a secondary leg lower. However, a break above would likely lead to panicky chase higher. The stakes are high and these are both worth watching closely.
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As usual, spot on CnW. Per 12631 post, started into puts today on SLV, but per my usual intarded compulsions, arrived too early to the party.
Could be a huge payoff.
Too many see these as bear flags, SLV and GLD both forming bases along long term uptrend and are set to stage a rally IMO
Agree
Back when SLV was in the 40’s Fly said he was going to destroy them, so I bought OTM puts at 32 strike.