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I made a couple of purchases today and expect I will be unloading as many positions as I can profitably in the next few days. The US Dollar is now completing its 20 day daily cycle and will likely fall 2-4 more days, giving the stock market some final ounces of fuel. Once the US Dollar reaches its previous consolidation area around $81 I expect the buck to begin a new daily cycle and a rally - which will put a top in both the stock market and the precious metal space.
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I have been quietly amused with the stock action of Silver America Inc (SILA) and decided to double my shares today at $0.455. My take on the recent price action is that a hoard of bully short sellers have invaded the trading of this security. Its amusing to see just how long they can hold the beach ball under water before it pops up and out into the air. It appears to me that they are just beginning to lose control of the ball.
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I also looked and found something in the precious metals space that had a nice setup and did not appear to be already overbought. I repurchased some shares of Platinum Metal Group (PLG) at $2.22.
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I really wanted to get some shares of GDXJ in the morning and let them run for a couple more days, but alas my cheapskate limit offer was not accepted. As I am never able to see what happens during the first two hours of the trading day due to my job, it makes it tough to 'guess' what price is going to work. But I do my best.
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Click on the charts to ENLARGE
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My TSI Trading record has been updated.
Nov. 23 Weekend report
1 day ago
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