Tuesday, November 16, 2010

Silver Gap Fill

Overnight the CME announced a margin increase one week after their inital 30% margin boost.  I expected the silver market to be down hard at the open, but it initially shrugged it off.  Then silver (I watch SLV and AGQ) fell to fill their gaps and to touch upward sloping trendlines.  Also looking at the 60 minute RSI, I concluded it was a good place to buy back into AGQ.  If SLV breaks 24.11, then we are going down to test the strong support indicated by the gray bar and I will go short.

But I feel a ST bottom is in, silver is looking to be in strong hands.

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