Sold ZSL at $17.48

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OK, that was strike 3 for me. I took off my short silver helmut and trotted to the bench.
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I sold my entire position of Proshares Ultrashort Silver (ZSL) at $17.48, about an hour before the market closed today.
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In the section on silver in last evening's post I wrote this:

"Silver reminds me of a wild cat - it just does what it wants. If I had to guess I would think it makes it to $36, having begun this rally around $34, then pulls back to the midpoint consolidation area that we see at $35. But I never knew a wild cat to care about what I think, so be warned".

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At the time I wrote that, silver was trading at around $35.38.  Sure enough, 4 hours later silver reached $35.96. Then 4 hours after that silver fell to $35.06. I missed figuring the top by 4 cents and the retracement by 6 cents. Not bad. But where was I when this golden opportunity presented itself?
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You guessed it.  Asleep.  Hey, would you be awake at 6 am if you were on vacation?  lol

For some reason this entire episode reminds me of that Disney movie "That Darned Cat". I think I first saw that movie 40 or more years ago.  I never laughed so hard in all my life.
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Click on any chart to ENLARGE
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So back to silver.  I watched all day until I had seen enough, held my nose and jumped off the fence and into the barking dogs. As you can see on this 5 minute chart of the Silver Continuous Chart (/SI), silver had formed a pennant at the $36 price area.  Price began to break out to the upside and so I hit the sell button on those shares of ZSL.

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This 30 minute chart of silver (/SI) was snapped 90 or so minutes later. It's only funny because it's so sad and a reflection of my trading experiences lately.  Meow!
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Which way did silver finally break?  That's right.  Down.
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Anyway, perhaps you can see what made me hyper. Price had risen squarely from $35 to $36. It stopped to make a pennant continuation pattern, and that projected the next stop as $37. There was no way I wanted to ride ZSL with silver likely to continue up to $37.

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The trading day ended today with the iShares Silver Trust ETF (SLV) putting on quite a convincing show. All the bells and whistles were used for buy signals. ZERO crossover, trend line break, price channel breakout, blah blah.
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Gold also met my skeptical requirements today. It closed above the 50 dma, the slower trending TSI (25,13) finally turned up, TSI (7,4) made a bullish ZERO crossover.....
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So, I think the bull is back. Time to do some homework on the miners, again!

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Oh, and here is how the Standard and Poors 500 (SP-500) ended up today.  I'm still holding one position - TZA - and think I will continue to hold it until I see this thing fall.

Please don't turn out to be a .... dog (pun intended).
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My TSI Trading Record has been updated.
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