"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput

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Thursday, February 10, 2011

4 Hour Silver Chart

This shorter term silver chart gives you a pretty good indicator of at what level the sellers are surfacing. You can see that silver is having a bit of difficulty holding above the $30.25 level. We did get one push through there that took it up as high as $30.50 but it faded and has not since been able to push any higher than that $30.25 level.

This needs to be cleared on good volume for another run towards $30.50 which is acting as overhead resistance for any move towards the recent peak above $31.

So far its dips are attacting buying below $29.75 which is a real plus for the market. If it could actually consolidate a bit near these levels it would actually be a bit more healthy than if it took off on a headlong tear higher. Any consolidation would help us discover at what level the market in general is viewing silver as having value.
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3 comments:

  1. silvergoldsilverFebruary 10, 2011 at 6:48 PM

    Thank you for your insight, it helps me with some on my conclusions.

    ReplyDelete
  2. Art VandelayFebruary 10, 2011 at 7:34 PM

    It's strange, some people think the longer it hangs out in a range the worse things are looking. I was glad to read that you see it more as a healthy sign, it makes me feel a little more optimistic about the possibilities of eventually moving higher from here.

    ReplyDelete
  3. JayhawkFebruary 10, 2011 at 8:57 PM

    Nice channel support too on the 4 hour. I like watching the 4 hour and glad you saw the same things.


    http://www.screencast.com/users/Jayhawk1991/folders/Jing/media/17eb3217-c862-4c0e-b3e3-adf5aee42d80

    ReplyDelete

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