Tuesday, June 14, 2011

Snp, Gold, Oil, Silver, All at Key Resistance 9:20 AM CST 6/14

Quick update

Snp september future currently 1281
WTI currently 98.15
August gold currently 1523
July silver currently 35.19

All of these are either just under/over or at very important resistance.
I resold all of them.
Any real move higher from here and I will have some serious thoughts about staying short.


  1. Im playing a small position long silver just for the day. Very difficult to read right here. Im counting on a small bounce upward at this level and then a continuation downwards.

  2. well, there it was for me. Selling a little more then half my long positions. holding a small amount just to see how far it goes up today. Will look for a reentry short postion tomorrow or by the end of today depending what it looks like.

  3. nicely done.
    Im still sticking with all my bets and will reassess after Bernanke does his thing

  4. closed my remaining long positions in slv. Probably should hold longer but happy with the little I made today.

  5. dolemite, i notice that a few of your option plays are pretty far out of the money. Is there a reason for that? Im still trying to learn more about options and anything you can bestow on me is much appreciated.

    Also, I give you much props for posting your positions. You put your money where you mouth is. Hard to find that with other bloggers.

  6. Gona keep all my stuff into the close for what its worth (was an ugly ugly one for me today)

    Lix, it is very common, almost universal, for traders to trade out of the money options. I am just looking for a move twords that strike, not for price to actually get there.

    I look for a strike that has a reasonable chance of being attained, or close to it, and as long as the premium is reasonable, I will do it.

    I have no formal options training/experience, but this has worked so far.

    Also, thanks for the comment about the positions. I have always said that if the person recommending the trade doesn't do it, why should you.

    The only way I can build any credibility amongst viewers is if I analyze the markets, and the trades work. I am a trader, not an economist. If I like something, I will be the first one to put it on 100% of the time.

    I have no ego... if I'm right I'm right.... if im not im not.... Either way I will be truthful about it in the transaction history.

    Thanks for the support and good trading today

  7. when are you going to short the S&P again? near end of tomorrow if it continues on with the bounce around 1300?

  8. As I said in my post here :


    I like shorting the 1280 level. We exceeded it a bit yesterday, but I hung in there and am now looking it to test 1269.5 to confirm the selloff is still in place

  9. Any idea how far this bounce in silver will take us?

  10. 35.94 is my resistance which has held so far knock on wood ;)

  11. nice call on your resistance level. Wish I had listened. Stop loss triggered but still lost my profit on the day. Do you see silver continuing down at this point?

  12. No more prints over 35.60 and i think we are clear for a retest of 34.40

  13. hope so. Just bought a few puts. everything looks real weak.

    Again, great call at 35.94 level. Im surprised more people aren't following you. I guess it takes time.

  14. Cool good luck on those
    Ya glad a few are following.
    Sandwich and I will keep doing what we do.
    Just hope more fall in line as time goes on ;)

    cheers lix, lets get some new lows!!!

  15. this whipsaw is giving me a headache. still holding my puts though.

  16. I hear that, I've been holding on but keep wavering wanting to just take it all off and be happy, but I think there is still a chance for a push down before close. If not I will most likely lighten my position greatly before the close.

  17. the 35.96 is still the governing level on a macro basis.... These whipsaws are frustrating for sure, but as long as we dont close over 35.96, then I like us retesting 34.40 and eventually getting to 32.80

    Gold needs to get back under 1525 for me to still feel happy about those shorts (a close over 1530 might get me to rethink)

  18. yes same here. Hoping for a nice push down as well.

    Wow, SnP really taking one on the chin today. Do you guys see any correlation with whats going on with SnP and commodities?

  19. Same one we have had for 99% of days this year..... Strong USD = weak stocks = weak commodities...

  20. Closed most of my short gold exposure for a scratch/slight winner. The bounce through 1523 midday and we have only gone higher since scares me.

    Still have a bit on, but much less than I did.

    added to silver puts just now. I still like the weakness in that.
    I will do a silver post in an hour or 2 with what I see

  21. sold half my silver puts at the end of the day. Im too chicken to hold a larger position over night. Oh well, took a loss but helps me sleep better at night. cant wait to see the new chart. Thanks for your analysis.