I called the breakout from a flag last night. I'm thinking it will hook up one small level, then consolidate mostly sideways for a few days.
Converting AMEX:SLV naked calls to debit spreads.
Silver is eyeing a breakout.
There's a rough correlation between silver and the price of labor. I posted a different chart with this observation charted over many years.
The price of labor recently increased significantly. The price of silver will likely follow.
Long on $SLV. Short on $SPY.
SPY appears to have broken out of a falling knife, but weekly MACD doesn't look good (not shown) and it's somewhat difficult to imagine buyers revving up another pump.
I'm calling it a fake out.
