Silver up over $10, closing at $10.15 on the spot market than tacking on a few more cents in after market trades. The Kitco pages got a lot of views today as excited traders and those on the sidelines check the latest prices. PAAS (Pan Amer Silver) and SIL (Apex Silver) both up about 10%. Yesterday, I wrote about the temptation to chase and that is strong with these silver stocks. Trend followers do have to buy into strength, often buying at new highs. However, there are low risk entry points and high risk ones. As of this writing, this looks like a high risk time for both longs and shorts.
I moved quite a few gold stocks off my main watch list yesterday--whaddya know, that is about the bottom :). The markets often frustrate as many people as possible, it is the nature of markets. Tops occur when everyone is buying and few are selling, bottoms occur with the few buyers, and lots of sellers.
All those minus signs on my positions in the early morning, and a flat day by the close. I am unable to pull the trigger on MHS, waiting for a better price, a price that never appeared. NX is a bit thinly traded and has wide spreads on its options.
Schaeffer Research reports heavy put buying today on Starbucks (SBUX) and Cisco (CSCO). Not enough premium for me to get involved. These option imbalances can turn around in a day or two, so they are not enough to trade on by themselves. Starbucks just came in with what looks like a decent sales report (link).
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