Here's an updated silver mini 1hr chart showing the rally stopping exactly on the 50% fibo retracement level. The MACD has been declining since almost the very beginning of the rally from the low at $12.42. Gold's momentum indicators are extremely bearish as well. On an intraday basis, gold made 3 slight new highs on Friday but silver actually made 3 new lows! This divergence says "TOP" all over it. I'm heavily short both gold and silver and expect them to plummet soon.
My minimum target for silver is $8.50 (currently $13.38) and my minimum target for gold is $680 (currently at $940).
Do the percentage calculations on those moves and you'll see why I'm so excited about these two trades.
As for the stock market: I have very very small call options in place that I'll let run until their expiration in April if there's not a significant rally. Other than that, I'm standing aside and waiting for signs of a huge rally. The risk of staying short is too great because it's way too crowded a trade right now, and getting long now trying to catch a bottom is a fool's errand. So I'm waiting for an opportunity.
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