Not For The Faint Hearted

Holy Cow. This is some wild stuff, isn’t it? Unfortunately, this was some pretty good advice:

“So, stay nimble. This might be an event better watched from the sidelines for the next few days as its certainly going to be wild.”
This, too:
“Keep an eye on things tonight and get ready for a very volatile week. Watching the PMs over the next few days will not be for the faint of heart.” 

I’ve mentioned $45 to $45.50 as a buy zone but silver sure blew right through there. Luckily, I’ve been hanging out with Mr. Hyde all night so I didn’t have any orders in at $45. Frankly, I didn’t think it would get there until tomorrow so I didn’t bother to place any this evening. Lucky me! At this point, it looks like $44.25 might be a bottom but, if we get through there, $43.50 will be the next, logical area in which we might be able to buy the dip. For perspective, $43.50 is where silver was last Tuesday, so it’s not like it’s the end of the world.

I’m getting ready to turn in but first I’m going to lob in some orders for the July $50 silver calls and see if I can catch the falling knife overnight. Again, please keep perspective. Though we are about a dollar lower than I expected, both Cartoon Blythe and I tried to warn you that the first part of this week could be ugly. Hang in there. The pattern remains. Silver will reverse and trade higher toward the end of this week and into early May. Keep the faith. Be happy. Rest well. TF

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