"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

Trader Dan's Work is NOW AVAILABLE AT WWW.TRADERDAN.NET



Monday, May 2, 2011

Silver - 8 hour chart update

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12 comments:

  1. MonkeySmokeMay 2, 2011 at 10:33 AM

    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. Trader DanMay 2, 2011 at 10:41 AM

    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. rahbiiMay 2, 2011 at 10:43 AM

    Thanks for the good work Trader Dan!

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  4. ManMay 2, 2011 at 11:11 AM

    Thanks.

    ReplyDelete
  5. D EMay 2, 2011 at 11:13 AM

    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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  6. LeprechaunMay 2, 2011 at 11:15 AM

    Thanks Dan.

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  7. ddMay 2, 2011 at 11:31 AM

    Dan, love the commentary.

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  8. AntmanOfIndioMay 2, 2011 at 11:46 AM

    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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  9. MarkMay 2, 2011 at 11:52 AM

    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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  10. MarkMay 2, 2011 at 11:58 AM

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

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  11. RadoMay 2, 2011 at 11:59 AM

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

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  12. MarkMay 2, 2011 at 12:10 PM

    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.

    ReplyDelete

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