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Thursday, May 5, 2011

Silver got SMOKED, as well as resources

If your in natural resources you may have seen some horrible losses on your screen.
I hit the bids hard Monday AM, as my post HERE stated.
It was a gamble, the markets could have recovered and I'd be the idiot selling at the low.
As luck would have it, what was a risky run-for-the-hills move, it turned out good.
The market was near upper trend line, and at the bottom of this post, you can see what happened once the market hit that line Monday.

Further, I sold my AGQ position last week at 364....well.....the charts tell all on how lucky I got.
So if you have been reading this blog, I am not saying now is the time to buy into resources, but things just got a nice haircut, making entry less risky.

And today the US Dollar EXPLODED higher. if this doesn't change soon, we may have seen the USD hit a year low, and we are going to see USD make a nice long run for years up....until I expect it to return downward in 2013 into new lows by 2014-2016.

For now, I am waiting to see what happens as I stated Monday. Mostly cash, just some money left in AVL, it almost hit my stop losses today. I may get hit out of that next.

I may dive right in and try to catch the falling silver knife...but I'll play that by my gut.

To the horror charts!

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