I suspect silver bulls should have let sleeping dogs lie back in the spring of 2011, during silver’s historic run-up. Instead, they embraced the Fight Club taunting of JPM‘s infamous short position in silver, and alleged a conspiracy to drive down the price when the bubble finally popped.
Such is life in the markets, though, and as I write this silver futures are down nearly 7%.
Updating the silver ETF weekly chart, below, unless bulls can pull off a stunning reversal tomorrow it appears as though a retest of the primary $18 breakout level from 2010 becomes the next logical downside target.
There are some things in life best avoided instead of confronted, and the ghost of John Pierpoint Morgan is one of them.
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Solid.
Silver has been bothering me for a while. I see it down to where it was in 2007, though the next stop is around $19-$20 range before it gets there.
What worries me is the rest of the market seems awful complacent about the PM selloff. Futures are only down a couple of points. It just feels worse than that.
Interesting that the second photo in this session captured an essence-
http://upload.wikimedia.org/wikipedia/commons/a/a6/JP_Morgan.jpg
Proof that charts and sentiment don’t work when predicting entry / exit points into commodities.
I’m panning for steel as mentioned Thurs. evening via Fly.
-X- below 17
order Filled at $16.73
we shall see how this pans out?
United States Steel Corp sets a new 52-week low
Wall Street on Demand – 10:40 AM ET 04/16/2013
Well..No Sh!t
added here:
Filled at $16.45