I'm breathing easier this morning. Getting out of silver was liberating. Even though it took almost $7 profit I was anxious while I was in. In yesterday's 2:15 post was a daily chart and an expectation of 32.20 for the low. Actual July low was 32.30 and I exited at 32.40 on a completed 5 down count.
So far, silver has made my year.
The stock market tracked oil, metals, and the entire commodity complex last night. DJ futures finally broke their hourly M/A on a closing basis to confirm DJI cash critical M/A break last week. Today the commodities recover from their overnight lows, along with stocks. I'm not in a hurry to increase shorts today. Currently 4% SDS, 1% TWM, 1% QID, 1% UCPIX, and 1% SOPIX. The raw I1 tops 5/13-5/16 but has been running an 8-day lead since the Japan quake. However, this last I1 bottom coincided with the stock bottom last Thursday, so if the market recovers with commodities today and registers a top Friday or preferably Monday then I'll know that I1 and the stock market have re-synchronized.