The averages are basically flatlining this afternoon with mixed action underneath. IBM is weighing on the Dow, while Apple makes a go of it to try to attack $560. BBRY and TTWO are squeezing violently to the upside, while Netflix reports after the bell.
Silver is at such a critical level on the monthly timeframe, seen below. $18.80-$19 marked the primary breakout level from Labor Day 2010. It simply must hold now for bulls to stage an upside rally and follow the precious metals miners higher.
Over the past several quarters, you can see buyers attempting to stabilize price at this key level. They have been able to stem the tide of selling. However, now they must seize the initiative fully and rally us sharply.
What are you trading this afternoon?
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looks like a dead cat bounce to me. Missed buying PHOT at the bell yesterday, but still looks good for tmrw.
Chess, I’m bearish on the silver, so my definition of ‘spooned’ is a little different. NSFW!! http://www.youtube.com/watch?v=pWs9aNmLnwg
LoL
I went ahead and got a bit of AMD – not because I think the pullback is done necessarily. I just have the sense that it’s going to be a good comeback story at some point.