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Re: Silver buying opportunity tomorrow? 

By: DueDillinger in CONSTITUTION | Recommend this post (1)
Mon, 02 May 11 6:00 PM | 58 view(s)
Boardmark this board | Constitutional Corner 		Msg. 13012 of 21975
(This msg. is a reply to 12997 by DueDillinger)
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As the optimist says as he falls off the cliff...

So far, so good.

Took profits on the silver shorts at the open and bought ZSL puts. ZSL is a double-short silver ETF so puts are a double-long bet.

Wheeeeeeeeee! Volatility is fun.

UPDATE: Exited the ZSL trade with a small loss around 1pm. Too much downward pressure on silver.

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Silver buying opportunity tomorrow?
By: DueDillinger in CONSTITUTION
Mon, 02 May 11 5:23 AM 		Msg. 12997 of 21975

Silver dumped a few minutes after the NY open...all the way down under $43. Recovering a bit on the far east markets...now $44.46.

I expect that this may be a good buying opportunity as nothing fundamental has changed and I still expect a continuing rise this year.

I kinda expected something like this, and glommed a nice short position on SLV (May puts) near the end of Friday's session. I'm still net long silver, of course, but this hedge should provide some cash to buy more when it turns up again.

Ya gotta be quick!

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