Going to let SLV go a bit higher
My target entry for SLV was 32. Today it gapped over that resistance level and contineus to run intraday. This is done on the back of a complete ass kicking of the dollar. Precious metals are an inverse play on the dollar which is getting printed at record pace, therefore diluting the value of the currency. There was a massive gap down on UUP, a dollar ETF, and it trades just a hair above 22 at the moment.
I am going to watch for next week to see if the dollar can show a bottoming formation before putting anything at risk on SLV. My target entry for an SLV short is now 34, which was my original 2nd entry level.
This may cause me to miss a trade, but it is better than being exposed to a gap up in SLV.
http://investorshangout.com/post/view?id=107215
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