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Friday, May 6, 2011

Silver ready to shine?

I suspect this morning's bounce is all about (1) jumping on stocks' coattails, and (2) this support line:

What hasn't changed is: (1) there's another margin hike coming Monday, (2) plenty of folks are still figuring out how to meet yesterday's margin calls, and (3) JPM probably hasn't zeroed out their short position yet, and still has friends in high places.

So, 3-2, the bears win.  I'd use this bounce to add a few SLV puts.  The next support isn't till 31 or so.

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