Without much delay slinger appears “at the appointed hour, specifically the open” with a nominal $1.37 billion indiscriminate futures dump. Pure, blatant manipulation, no fiduciary responsibility at all and I guess we can’t say I didn’t tell you so. It now looks like last week’s breakout was little more than tape painting. An attack that large may flip the CoT around in a heart beat. We get the read on that next Friday.
I would like to see Shanghai deliveries run 7500 kg plus for a few days if we trade at the 1300 level. There was 11,234 kg delivered before the attack. I am in Moravia, and will be travelling back to Prague Tuesday when this is released, but you can check here.
Oil is down two and half bucks today, and that is bullish for mine operators.
Assuming SGE and CoTs improve, my first partial reentry point on the GDXJ would be the 42 area. I am now holding a 30% reserve, and would commit about a 1/4 of that between 41-42. Treat that as support and 46 as resistance.
The bullish cup and handle is still in play and I am going to use the 50 DMA currently about 1293 to recommit to CEF half the reserve I took off the table in PSLV and PHYS. Silver’s 200 DMA is 20.37. Look for a small penetration.