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djn21
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First off, I view the entire monetary and financial system as something of a Ponzi scheme. Starting with currency that is debt, and running straight though a global economic model that is based on a premise of infinite growth in a finite world. This won't end well. I'd go a step further and... More
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New Power Media
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Playing the Ponzi
  • SLV and USO pullback 0 comments
    Apr 11, 2011 3:02 PM | about stocks: SLV, AGQ, USO

    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.

    Stocks: SLV, AGQ, USO
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