Silver Update

Last night I showed you a chart or two that suggested Silver is in play again, I'm going to make this post very brief and just remind you that while we see something is going on here, the best way to play it and when to play it has not cleared up yet. This may even be a trade (please don't take this as my analysis as I am saying, "may")  in which I might actually think the physical is preferable over the equity choices you have.

There was a ton of 3C intraday volatility in SLV today and none of it made any difference to trade analysis, but where it did make a difference is out in the long end of 3C, the important end where large money flows are found so I just want to show you a couple of charts picking up from where we left off last night.

 This isn't the same larger perspective view of the SLV 60 min chart from last night, but to the right that is where the 60 min SLV 3C position was.

 Today the 60 min chart added this leading positive bit to it, this may not look like a lot, but on a 60 min chart, it is.

 To give you some idea of what has to take place to move a 60 min chart like that I'm showing you the leveraged version of SLV, which also provides confirmation as it's a different ETF... the 5 min leading positive divergence, that's huge.

And the 30 min chart's leading positive, I partioned off today's move.

So in my view, something is going on in SLV, something we aren't seeing across the board in the PM space, this is unique to silver.