Monday, December 20, 2010

12.20.2010



Chart will be posted some time after the 4pm Close in the late afternoon, evening or early night session.

The action as of 3:14pm given us a big push higher at the 2:05-2:10pm EST time frame on heavy volume. It has sold off most of its gains but on much lighter volume. I trust this rally that occurred and would not be surprised if this breaks out to a new set higher that can make it to $30 tonight and either find a new support level or test the $31.50 level this week. If you are trading and looking to find this market on a breakout, it has not done this yet, but at $28.68 SLV and 29.38 Comex this is an area that would be expected to find a bounce. If this fails then the next likely drop is about 8-10cents lower. It has had a nice move above this five and ten day moving average as well, we have had great time to consolidate the gains of the last couple of months and could have energy to make a nice move higher that could have a nice break past $32.

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