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Silver Thoughts continued

|Includes: iShares Silver Trust ETF (SLV)

I am glad to see that Silver and with it SLV have had a correction or possibly a move into bear territory. As I said in my last blog post, it seemed to have gotten to far ahead of itself. The correction is now below the point at which I sold my calls and I am looking to buy it if it gets into the low 30's again. It was certainly a fast correction and I would say exacerbated by the silver ETFs that allow momentum and day-traders to jump in and out. This skews the actual performance of silver in my mind The chart of silver did have the three ascending stages of a bubble (what I call non-technically) slow, middling and hyperbolic gains in the short run. It was like watching it in hyper speed in the last 6 months. The technicals of SLV seem to indicate that there may not be support for SLV until even below 30. We will see.