Very hard pullbacks in both SLV and USO today. SLV is a bearish engulfing candle, so that's not good. That said, SLV has survived bearish engulfing candles without significant losses earlier in this rally. I felt terrible about selling my 2x silver (NYSEARCA:AGQ) on Friday given how it'd rallied on Friday and in pre-market today... but I don't feel so bad now. I am interested in re-adding AGQ around $245.
SLV has pulled back to the trendline that I noted a few days ago. I'll be curious to see what it means. I am not adding here since I am already pretty heavily exposed, though I will add on a pullback closer to the 20 EMA. A break under that trendline would also be where I'd take profits.
Oil (NYSEARCA:USO) is also pulling back in a big way today. It is getting very close to the original breakout point, where I'd be interested in adding. I would have a pretty tight stop under that trendline.