SLV

SLV is in an area and flashing signals that make this a fairly high probability area for a pullback.

 As mentioned last week, SLV has had a very parabolic move up thus far, today's exceptionally heavy volume suggests some churning may be in play. What I'm looking at is a pullback, I'm not talking about anything beyond a pullback which in SLV's case right now, would be healthy for the ETF. There is a chance as some negative press has been coming out about the Silver Trust itself, that this has something to do with that as well as a dissection of the prospectus recently has left open many loopholes that would allow the Trust to avoid having to actually deliver physical. There have also been rumors swirling for months that they simply don't have the physical to meet the trust's obligations or that it may be leased, etc.

 The 1 min chart has negative divergences including this morning's gap up, that was not confirmed by 3C and SLV fell, the second move up today is also not in confirmation and is negatively divergence.

 The 10 min chart with negative divergences

 And the same on the 15 min chart.

On a daily chart of my x-over screen, SLV still looks strong, the yellow/blue moving averages tend to be the typical pullback points as you can see in the red box. Considering the momentum of this move, usually you'd expect a pullback to be a bit shallower. However, the ever changing complexion of the dollar is the wild card here in a target area. Personally if I were long this one, I'd be taking profits off the table and letting some run with a trailing stop, I'd probably use a 20-bar moving average on an hourly chart as my trailing stop.