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Chris Ciovacco
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Chris Ciovacco is the founder and CEO of Ciovacco Capital Management (CCM), an independent money management firm serving individual investors nationwide. The thoroughly researched and backtested CCM Market Model answers these important questions: (1) How much should we allocate to risk assets?,... More
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Short Takes - Ciovacco Capital
  • Silver May Be Making a Blow-Off Top Today 0 comments
    Nov 9, 2010 3:14 PM | about stocks: SLV

    The silver ETF (NYSEARCA:SLV) normally trades 14 million shares per day (3-month average). Today as of 3:00 pm ET, it has traded 114 million shares or 691% above its average, which is very, very rare. We have been concerned about a rally in the dollar and the possible negative impact on silver and gold. While today’s gains in the dollar are still somewhat tepid from a conviction standpoint, the greenback is still up for the 3rd day in a row. As of 3 pm ET, SLV is off 5% from its intraday high. It is possible we are seeing what is known as a “blow-off” top in SLV today. If SLV finishes the day in the red, which may not happen given silver’s incredible strength, then it may be a sign of a short-term reversal. We have to see how SLV closes before we can read too much into it.

    Disclosure: SLV

    Stocks: SLV
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