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TFC Commodity Trading Forum

Re: Silver ETF:SLV/Testing Dec Support/Silverbear

Hi Silverbear,

I hear ya on the whole weekend thingy when a potentially market moving meeting or event is scheduled. Most of my trading over the years has been geared towards medium to longer term position trades, so I don't normally get flat markets as a rule due to these types of things...who knows though, maybe I would have been better off (net) over time by doing so, but hard to teach an old dog new tricks, lol.

As for this weekend, I did get flat on my crude trade as the test/hold of support seemed to be suggesting a rebound could be around the corner. If the powers-that-be are able to engineer some kind of stock market rally come next week (based on weekend policy announcements perhaps), then crude would likely move higher along with it due to the close correlation in recent months/years, so taking my profit there seemed prudent. As for Silver though, I ended up standing pat. In this case the old adage of 'let your profits run ' came to mind and I did not see enough technical evidence in the final hour to suggest that the bear move is done. Lots of folks covered bear positions yesterday based on the 200dma offering a bounce, but left a lot of money on the table when that line got blown through today. So, I'll take my chances there going into Monday...also helps that I'm sitting on monster paper profits and can afford to give this position a little rope...I might end up regretting that decision, but will sleep comfortably going into Monday regardless :)

Best regards and have a great weekend.