“Woe to the land whose king is a child and whose leaders are already drunk in the morning. Happy the land whose king is a nobleman, and whose leaders work hard before they feast and drink, and then only to strengthen themselves for the tasks ahead”. (Eccl 10: 16-17)


"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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Monday, May 2, 2011

Silver - 8 hour chart update

12 comments:

  1. If I am understanding this properly, once, or if, silver holds above, approximately, $46.70, it will have enough momentum to reach $48.50. From there silver should have enough legs to challenge the $50 mark. Is that about right?

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  2. MonkeySmoke - it would have to close the gap to the upside meaning it would have to first hold above $47.15 or so. That would only allow it test $48.50. There is no guarantee that it could take that level out. We jsut have to wait and see.

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  3. Thanks for the good work Trader Dan!

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  4. Thanks for the charts and commentary. Looking forward to the gold chart. The volatility was amazing in the PMs today. Hope to sleep a little tonight.

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  5. Dan, love the commentary.

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  6. Dan, thanks for being so generous with your time and knowledge. I hope it is gratifying to know you've helped so many people through these turbulent times.

    Would love to get your thoughts on last night's action. Do you think it was a result of CME raising margin rates, or is that just the spin they're using to cover a raid by JPM and HSBC?

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  7. SIL/SLV ratio crashed to a record low again today. Ratio Traders are cleaning up. More money was made faster in this trade than the short sellers made during the 2008 stock market crash.

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  8. Here comes the short sellers again. Brutal selling pressure on all the commodity stock ETF's today.

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  9. Thank you again. I am following your commentaries for several months...you helped me so much in understanding the markets.

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  10. GDX/GLD now at fresh, new, 52-week lows. No much higher than the last low which was in February 2010, when gold was trading at $1,050.

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