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Sometimes I don’t know what’s wrong with you people. Hootin’ and hollerin’ like a bunch of purple Kool-Aid grape apes, rooting on a man’s demise in slo-mo barely contained rage.
I speak, of course, of last night, when there were more than a few on these boards who were ready to spit on a broken wheelchair in their haste to condemn we beknighted silver bulls in our darkest hour (that dark hour being about 3 am last night). What an ugly display… and most ungentlemanly.
But these ungainly thugs were left grasping at phantoms by an hour or so before the market open this morning, when silver had fought it’s way back to just under $30 and ounce. More important, the silver trend line held today in AGQ. Not, as I had thought, at first support, but rather exactly at the long term trend line.
Sometimes when these things work so perfectly, it’s almost like a thing of magick (sic). This morning, right around 10:00 am, I stood in awe as the candle bottom stopped right at the rising trend line that’s marked this bull since the ’09 Recovery, hovered there for about fifteen minutes, and then slowly — inexorably — made it’s climb through second support, all the way to that first support line. Note the change from yesterday’s AGQ weekly:
The bounce off that uptrend line is very strong ju-ju, especially given that we are still extremely oversold in the PM and silver sectors specifically. We might get some “stall” at that first support line we stopped at today, or we may not. Silver is up this evening again, although we know from last night how great the overnight swings can be in this sport.
I do think that uptrend line will be tested at least once more, unless the dollar begins to break here significantly. If it does, I will likely supplement by adding more EXK, SLW and AG to the port. One thing is for sure… you have your line in the sand for all major stops, whether mental or fixed.
Best to you all, and try not to let the hatahs hate too much on you. It’s hateful. 😉
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