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View Full Version : Is $38.50 a hard floor?


EspressoGuy
09-22-2011, 05:22 AM
We'll see. Some major drops overnight. Bouncing around $38.65ish right now.

It's interesting to note as soon as London came online, the hammertime drop happened. About 60% of this overall 24 hour drop is the rising US dollar - some from the flight from PMs to USD, some from the dollar's strength alone. But it's pretty clear there's been a raid or two, selling off in quick succession to give $0.20 and $0.60 drops.

$38.50 range is some hard resistance. If it punches through that, I expect silver to drop as low as $36 or lower. Hoping the reverse holds true - hoping those that want silver down will be beat out by dip buyers.

Lastly, a bit sad to see silver's the hardest hit commodity overnight. :(

EG

themadscientist
09-22-2011, 05:41 AM
Hit it harder I say. The truck is idling and the tailgate is down. ;)

Gold Bouillon
09-22-2011, 06:20 AM
No, just hit $38.41:eek:

EspressoGuy
09-22-2011, 06:26 AM
No, just hit $38.41:eek:

And bounced back up. It'll be interesting to see what happens next.

EG

EspressoGuy
09-22-2011, 06:31 AM
The worry right now is HK is closed; only London and Globex are currently running the price. Asia trades on the Globex, but it seems the USD and London are driving things right now. I am worried that there wasn't a massive upswing when it hit below $38.50... just a mild bounce back.

Plus, hard for me to track because the USD is climbing steadily against the CAD. In CAD, silver's still around $40ish. Where it's been with maybe $$0.50 up or down for four days.

EG

Gold Bouillon
09-22-2011, 06:53 AM
And bounced back up. It'll be interesting to see what happens next.

EGYeah, and then debounced to $38.0x

EspressoGuy
09-22-2011, 06:54 AM
Oh my.

If $38.50 was a floor, it's been breached. Silver's now in a freefall. Good news for bargain shoppers. Bad news for DCAs above $40.

EG

fraxinus
09-22-2011, 06:58 AM
Hong Kong stocks were down 900 points overnight, on signs the Fed is impotent to prevent an economic slide. If today isn't a historic day in every market, the world will be very lucky.

EspressoGuy
09-22-2011, 07:03 AM
Not a good overnight:

14877

Everything's getting hammered.

EG

New2PM
09-22-2011, 07:13 AM
Doesn't phase me other than I can't buy any right now. :(

blitzdude
09-22-2011, 07:18 AM
Anyone know the words to that Tom Petty song.......Free Fallin'? WB just went home in a body bag........do da do da do da!

Gold Bouillon
09-22-2011, 07:26 AM
I yam not amused.

*curse words*

*swear words*

*expletives deleted and inserted and you all can blank my blank*

Blankety Blank. Tabernac de coliesse. Estee de moedi de colisse.

Does anybody speak Swahili?

I didn't think so.No speakee the lingo. Whatcha sayin?

fraxinus
09-22-2011, 07:31 AM
Anyone know the words to that Tom Petty song.......Free Fallin'? WB just went home in a body bag........do da do da do da!

Is there room for the world's economy in that bag?

Feral child
09-22-2011, 07:49 AM
There is no floor with the USDX climbing like it has been since the FOMC announcement.

http://quotes.ino.com/chart/?s=nybot_dx

OvertheHedge
09-22-2011, 08:12 AM
There is no floor with the USDX climbing like it has been since the FOMC announcement.

Things like support and resistance levels just refer to collective investor sentiment in normal trading patterns. And when you look at it like that, obviously you can see they aren't exact lines - just guesses that when asset A goes down to price B, then a lot of investors will start buying.

When you have events like this, which move us beyond what are seen as temporary normal trading patterns, then you just have to wait for the dust to settle and see where that leaves you.

All of that to say I agree there is no floor right now. Well, there is - but we don't even have any good current guesses of where it might be.

Dhaugen
09-22-2011, 08:19 AM
Well,

As in most big declines,..normally right after,...There is a whole lot of money that is made. If this is going to be a normal big quick down event......There will be a ton of money made across the commodity sector and equities on a big upside rally.

Film at 11:00
Grab the popcorn fellas

just my two cents

d

Stackman
09-22-2011, 08:22 AM
because its $37.50 and dropping as we speak.

silver_skeptic
09-22-2011, 08:26 AM
Haha, where's the guy that is claiming $1,000 silver in 10 years?

And I feel bad for the guys who bought huge amounts at $40 bc they thought that was a "dip."

Dang man. I can't believe $37 silver. Even I'll buy now ha!

OvertheHedge
09-22-2011, 08:48 AM
I can't believe $37 silver. Even I'll buy now ha!

Actually I was thinking of suspending my DCA schedule for a bit. I suppose that sounds a little nuts, because it only works if you buy low as well as high. But... this might just be the drop in recognition of global recession. If that's the case, we saw how 2008 played out.

The last few months have been this risk on, risk off toggle. I'm sensing that might be coming to an end now, with fatigue at the delaying actions in Europe as well as fatigue at the budget/political/debt/unemployment/housing/etc., troubles here in the States. Anyone see the story about the next risk of government shutdown on 1 Oct? We might have finally hit the point where a critical mass of investors are deciding to hibernate for a while.

galtbob
09-22-2011, 08:51 AM
Last hope for the charts.

http://charts.dacharts.net/2011-09-22/galtbob85.png

robert31057
09-22-2011, 08:53 AM
broke below $37...$36.94

Jeff216410
09-22-2011, 08:57 AM
Isn't a drop like this going to hurt the bullish paper traders? Force them to get out of their positions? That would be great.

gada1999
09-22-2011, 08:58 AM
Isn't a drop like this going to hurt the bullish paper traders? Force them to get out of their positions? That would be great.

Correct if I am wrong. For those lurking around some fiat it is a great BUY BUY opt.

ILUVPMs
09-22-2011, 09:00 AM
Last hope for the charts.

http://charts.dacharts.net/2011-09-22/galtbob85.png

good way to clear the stops IMo...then again we could be in a free fall.

tradebot
09-22-2011, 09:12 AM
I hope there are alot of grasshoppers...but I also know there are alot of weak hands that are cuttin washers in their nickers right now...I think silver is a strong buy...if you can find it at these prices.

Ryanferr
09-22-2011, 09:36 AM
well kids, this aint looking too good right now!

silver_skeptic
09-22-2011, 09:41 AM
$37.03

In the $36's soon?

Edit: You know, we're all freaking out, and probably by tomorrow it will be back to $39-$40.

coindog
09-22-2011, 09:49 AM
well kids, this aint looking too good right now!

it's not too bad-yet. I'm not real happy but it's not a big suprise. but could be more downside left. if we see $35xx I'll be a buyer, but of cheap gold.

mikeman
09-22-2011, 09:57 AM
Well, as some have said, we knew that we would see a drop, however, I don't think it will go too low. Today is a complete market smack-down. Im not too worried. I wish my LCS was open today... its payday and I want to buy a couple oz:D

anodos
09-22-2011, 10:24 AM
Is $35.50 a hard floor?

Nope.:cool:

GoldandCountry
09-22-2011, 10:45 AM
Yes, I think it was. I have a major headache from going through that floor this morning.

Feral child
09-22-2011, 11:03 AM
Yes, I think it was. I have a major headache from going through that floor this morning.

Very good! My first good LOL of the day ;) I suspect that you are not alone...