Market Curiosity: Exploring Markets And Systems

May 6, 2011

May 6th silver update…

Filed under: Just Watching — Tags: , — Jeff Fitzmyers @ 10:03 am

Ed Steer: My bullion dealer just had the two biggest back-to-back sales days in silver in his company’s history. It was wall-to-wall buyers [and some sellers]…and the phone was ringing off the hook all day long, as the buy-the-dips crowd was out in full force again, like they have been all week.

Comex silver partial backwardation = $1.36 between front month and furthest back month. Still rooting for SIFO to get below -0.6.

I don’t think today is a good risk reward to go long silver or SLW.
+ Price on weekly 170 EMA support.
+ Daily CCI crossing over a low weekly CCI.
– Price is just not strong.
– Price did not spring up off 170 EMA magenta line as much as it could.

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