Silver / SLV

Silver/SLV was updated yesterday when I mentioned it was starting to pull together. We had a SLV long Call position (or AGQ long 2x leveraged ETF) using May 10th (weekly) $22 Calls (although the strike and expiration are certainly not written in stone).

There was another SLV update today as well...

Here are today's updated charts, you'll notice once the gap was filled today, the short term intraday (typically market makers or specialists stocking up just before a move), went strongly leading positive, the longer timeframes were already there, that's why I say it looked very much like "Specialists" in this case, loading up before the move.

 SLV capitulation-note both the exhaustion gaps and large volume

 Here's where we went long this morning as the gap was being filled, after that SLV took off to the upside.

The 1 min chart showing negative divergences and where they occurred over price, note the size of the positive today.

 2 min

10 min

15 min with a huge leading positive and a beautiful range, this is the kind of divergence you really look for, not just 3C, but the flat price range as well.