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SC, how do you reconcile your long silver position with your overall bearish SPX view? As you well know, the two have been positively correlated over the past few months. Hence, do you expect any divergence emerging or have you simply changed your SPX view in accordance? Also, plenty of issues with Google Blogger on Friday. We did indeed get a nice bounce early on in the SPX, then back down. Do you now see a further, perhaps shallow bounce before we head much lower?Nice blog, to the point and most of the time on right on the money. Keep up the good work!G
I don't wish to speak for SC, but that silver chart he showed is quite short-term - he is just calling for a bounce over the next week or two that retraces a portion of its fall over the last couple of weeks. That is probably not incompatible with a bearish view of the SPX over a slightly longer term - i.e., the SPX could bounce a bit over the next week as well before falling.
Yes, that is about right. This is just a short term chart on Silver. I have some more Silver charts coming. Wait until you see the Medium term chart!This week is going to be important for everything as many time cycles are converging at a focal point. My 2007 cycle suggests a stronger bounce for SPX than what we saw last week. Yet, the bigger picture is much more important. Regardless of bounces, the big play is on the downside.
Silever may bounce here but it's headed to $22 or perhaps even $18 IMO-and thanks for this site by the way.
What do you think about this SLV action today SC.
SLV flirting with the upper red triangle line, but nothing too exciting as of yet. Triangle boundaries are notorious for shifting so we will have to wait and see.Notably, the financials are quite firm this morning after many days of weakness.
What a barf job in silver, despite miners rallying a bit.
Yes, basically just shuffling along sideways so far.
What you think SC?
SPY/SPX is way way oversold on hourly and daily charts, and there are some Fibonacci supports nearby below. I am as bearish as it's possible to be in the longer term; I see the broken support lines; and I am well aware that crashes come from oversold conditions, but if the market DOESN'T crash then the spring is coiled for a substantial upwards thrust from here.