That $19.70 trigger we have been observing on the SLV, ETF for silver, daily timeframe is coming to fruition in a big way this morning. The enormous spike higher has suddenly taken silver back up to its 200-day moving average for the first time in roughly one year.
I sold down part of my AGQ, ultra-long silver ETF, inside 12631 this morning, while cutting the other part of a pair trade I ran yesterday of short gold (I had been long gold earlier in the week with a bit more leverage). Still, I expect silver to outperform gold on a relative basis in the short-term. But I did not want to get swept up in a fierce metals move, if gold is going to squeeze higher yet.
At any rate, the action in the metals and especially the miners is finally seeing those longer-term bullish RSI divergences play out.
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Short UA easy to define risk near the high of day
Took a 1.4% loss on my $GOOG short as it failed to break lower from the rising wedge posted the other day.
AWAY and IRBT worth a look
Your first sentence “…coming to fruiting,” of course, you meant “coming to fruition.” Everyone knows only 2 stocks are into fruiting: Apple & Blackberry.
=^.^=
LoL Thanks Debra. Fixing it now.