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TFC Commodity Trading Forum

Re: Silver update/Artie *PIC*
In Response To: Re: Silver update/Ronbo ()

Well Artie I'm just like the Pizza delivery guy. I just deliver the stuff I don't make it. Only thing I post about with a chart is what the chart is "telling me". And what the seasonal tendency is in multiple time frames using Moore Research seasonals. And if there is extreme sentiment one way or the other. My option doesn't really interest myself either as I know I have a bias towards a market due to what I would "like to happen". So I don't dare trust my 'feelings" anymore than someone elses. The market doesn't care what I wish for. Now and again I spot a situation like RIMM that is beaten up and hated as analysts and traders/investors have been made a fool of and lost subscribers and they have all lost their shirt on a market. And you'll see price bottom out and base build like RIMM did around 6.56 to 8.24 and form a bullish chart pattern with no one talking about it. As long as that company is basically sound with cash on hand and not in bankruptcy it tends to be a good trade on the upside with smart money loading up and then talking bullishly about it to the media. That's exactly what occurred with RIMM in classic fashion and now could chop sideways between the last breakout pt around 9.57 and 12.45 resistance. Notice that's exactly what it's been doing for a couple of weeks now. Smart money might be long gone now so trading it from here is simply buy support and sell resistance like anything else. Only a close above resistance would suggest a rally to next resistance. Meanwhile now that so many are talking about it all you see is chop,chop.

As far as Silver goes the seasonals are very bullish into early February. And the chart pattern is still positive in all ways. No guarantee it will remain bullish but technically there is nothing wrong with the Daily or Weekly chart so far. Would be even better to see price tag that uptrendline and rally off it again. Just watch those trendlines. With the drama with the Euro which is inverse to the U.S.$ along with possible selling before Jan 1st due to this Fiscal Cliff b.s. just about anything can happen unfortunately. So there it is with extra cheese and peperoni on top for you,lol..........................