We’re just over an hour into the trading day, and it’s look good so far. Below are my fifteen bearish positions (I am long puts on all of these, expiring no sooner than January 17 2025). Three are up a tiny bit, but on the whole it’s a really good morning.
I direct your attention to a position I am no longer in, but would like to be, if possible, at a good price. That is, of course, silver. I wrote about my abandonment of my long position yesterday in this post, and this decision merits more discussion.
I had tried in recent days to get a starter position going, waiting for confirmation to add to it, but it just kept sputtering out. The last straw for me was the breakout (emphasized below) which also soured. I got out at a small loss, and I was pleased to see /SI keep crumbling after I was out of it. I say again to you: I want to establish a very large long position, but only at a good price, and hopefully before the true bull market on silver sets in and gets away from me!
It’s possible, although I hope it isn’t, that the best time to buy silver is just about NOW. I have proposed an analog below which is strikingly similar to what happened earlier:
- a well-formed bullish base;
- a powerful breakout, illustrated in each case with an arrow;
- a retracement back down to support, which is the circles
- followed by, in the first instance, a powerful rally
What I’m trying to say is that I sure hope I’m not missing out on a great time to get back in. What tempers my worry is the more flashy precious metal, gold, shown below.
The last $1,000 of this rally was very fast, very powerful, and had very little in the way of back-pedaling. If I have to talk myself out of getting into silver right now, all I have to do is look at this chart, because it’s NVDA level of zany.
I may be kicking myself mightily, but I’m going to continue to sit this one out and wait until after the election. The golden opportunity (or silver opportunity, more accurately) would be some kind of post-election chaos which pounds gold and silver prices temporarily much lower. At that time, should it transpire, I’ll go ahead and pull the trigger.
