SILVER TRADE ALERT (3:00 pm EDT)
It now looks quite likely that silver started a new medium-term cycle with its low of $26.5 on Aug. 8. This means prices could be bullish now, and we may have to wait a bit longer for a steep correction into a longer-term (4.3 year) cycle. It also means I am going to cover (unload) my short position in silver today with a loss (8%) for now.
It appears that after mulling things over last night, the broad stock market re-kindled its initial enthusiasm for the Fed's one-half point interest rate cut yesterday, and investors are perhaps re-evaluating Jerome Powell's statements as not so hawkish after all. In any event, the DOW, S&P 500, and NASDAQ took off today with large "gap-up" gains. If the DOW closes the week above 41,835, I will cover my short position in this market.
It now looks quite likely that silver started a new medium-term cycle with its low of $26.5 on Aug. 8. This means prices could be bullish now, and we may have to wait a bit longer for a steep correction into a longer-term (4.3 year) cycle. It also means I am going to cover (unload) my short position in silver today with a loss (8%) for now.
It appears that after mulling things over last night, the broad stock market re-kindled its initial enthusiasm for the Fed's one-half point interest rate cut yesterday, and investors are perhaps re-evaluating Jerome Powell's statements as not so hawkish after all. In any event, the DOW, S&P 500, and NASDAQ took off today with large "gap-up" gains. If the DOW closes the week above 41,835, I will cover my short position in this market.
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