SLV / GLD Follow Up

Last night I posted about the COT short squeeze probability in Silver, this morning around 10:15 we saw a pretty parabolic move up in both PMs, this is why I wanted leveraged ETFs rather than options, there's less draw down, less maintenance needed and I can leave the positions alone and let them move rather than worry about loss of momentum, pullbacks, being in right on time for the move, etc. so we went with 2x leveraged longs.

At first I thought it was $USD related, if it is, it's not EUR/USD related, that pair didn't really move until at least  30 mins later, but there's some movement higher in the Yen about the same time, the $USD is a little later and the USD/JPY doesn't look quite right.

The move itself does look like the start of a short squeeze so that's possible, although the volume is a bit higher than usual for a short squeeze.

The charts...
SLV

1 min is in line and positive late last week when we picked these up.

 2 min is positive through late last week when we picked these up and leading positive right now

5 min is positive and confirming, if not leading.

 The 15 min chart is in a very positive position for a longer move, there's no confirmation, but I wouldn't expect it to catch up that fast on a 15 min chart.

GLD

 The GLD short term charts look very different, the 1 min looks like distribution in to the move.

 As does the 2 min

 And the 3 min so there are signs of migration, I would take the charts seriously, but it's still intraday timeframes.

 The 5 min is close to in line, but actually a bit negative-again migration.

 This is why I really liked GLD, the leading 15 min so I'm not so sure I want to give up on GLD for a longer term move, that is why I chose the leveraged ETFs over options.

 The 15 min chart shows what often happens, price moves to or above the level in which accumulation first started.

 As for stops, these are a bit together than I like for the longer term trends, but maybe they are worthwhile in considering trying to re-enter at a better price if they are broken, SLV's 30 min 50/bar m.a. at $26.20 and the Trend Channel at $26.35. The 30 min seems to track the trend better in SLV

A partial position sale is also a possibility.

GLD's 5 min 50 bar ma is $151.60 and the Trend Channel is 151.76. This is a 60 min chart which has held the trend better than a 30 mn.

As for the leveraged positions, the stops are as follows:


AGQ (2x long silver) 30 min 50 bar ma and Trend Channel
$34.53  for both.

DGP (and UGL) both with the 60 min 50 bar and Trend Channel $45.60 / $45.05
UGL $74.90 / 73.90

Again for short term trading these are probably good stops, I do like the chances though of a longer term trend in both.