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SLV trade ideas

Silver ETF Just Had a Golden CrossAs we cited yesterday, a “ weak dollar ” trend is taking shape in the currency markets. This has been accompanied by strength in commodities like copper, gold and silver. The iShares Silver Trust (SLV) could be the most interesting today because its 50-day simple moving average (SMA) just rose above its 200-day SMA, resulting in a “Golden Cross” for the Silver ETF. SLV has also squeezed into a tight range for the last 1-1/2 months as copper and gold have run. This creates the potential for a breakout. Price action has taken the shape of an ascending triangle in the last three weeks. There’s been a series of higher lows and resistance is around $17. Interestingly, SLV had a similar pattern in April and May before moving above $15.
AMEX:SLVLong
by TradeStation
1
SLV - Looking ImpulsiveMy expectation for some downside action last week did not occur. On Friday, thought it was going to happen with a quick slam down to 16.30 but by the time I could blink, it was quickly rising back up. Such a bid in the paper market is to say the least, a bit surprising after the long, sustained selling that we have seen for years. I guess I'm not used to it at all. When looking at the weekly line chart, the two corrections appear to be text book Elliott Wave Theory with the wave 2 correction being a zig-zag and the wave 4 correction being a flat. It's a bit confusing as we see that wave 1 might have only been 3 waves instead of 5. Still expecting some sell at least to complete an A-B-C correction but if the wave 4 is a flat, then we might only expect price to drop to 16.20 completing the formation. If this is a bullish wave, Wave 5's in commodities are generally the strongest so perhaps a push up to the 20 level can be possible. In the end, for me the signals are mixed and confusing. I continue to accumulate on the physical side and have cut my paper options to only slightly bullish with long 2022 LEAPs. Most of the 2021 LEAPs have been sold or spread off.
AMEX:SLV
by Glewis54
1
SLV Three Week Test of High - FailAs suggested a couple of weeks back, a three week test of the high (on the closing basis) tested and failed. On an interday view, I was looking for a possible high of 16.65. We got up to 16.60 and fell from there. I took the opportunity to sell off some of the in-the-money Jan 2021 calls, as if this setup proves correct, no telling how low prices might go. That is, if they go down at all. I was surprised that we weren't able to get any sell in the past couple of weeks. We had one day (Monday) when we opened down somewhat sharply. I took the opportunity to sell some Puts. Opening positions as I thought that we might go down to at least 15.50 but that proved to be the only opportunity for the week to establish short puts. As I mentioned in my last comments, this has been rather unusual as we had seldom had opportunities to sell calls. The physicals have become more available and the premiums are coming down a bit Heard also that the Fed had been bringing down the balance sheet some. The panic bid in metals appears to have disappeared so let's see if we get back to the normal game of big smack downs to cover shorts and replenish LEAPs.
AMEX:SLVShort
by Glewis54