Silver

Three taps and out on a sign of strength (spike in volume) still rules the technicals. The silver market continues to display classic post breakout action. That is, a fade into the breakout gap on shrinking volume.

Silver ETF (SLV):


Jim's assessment is correct.

Silver was up strongly on the discussion of JP Morgan who we were informed had a Department of Justice examination of their activities in Silver. This was reported as fact. The reports were 50% correct in that JP Morgan was being looked into concerning their derivative dealing however the target of exchange listed silver was not mentioned in the official report. Since silver went up hard on euro weakness, as the euro strengthened gold reacted downwards, and silver gave up part of its recent significant gains.

Its technical footprint hint to direction long before it becomes obvious.