Friday, August 5, 2011

SLV Short Filled

SLV opened this morning at 38.35 which will be the blog entry price.

The Oct 34 strike put options I bought have an average price around 1.35.

Also now that the Nasdaq has undercut the March and June lows also, the stock indexes may be in position to again attempt a rally. I think there is a pretty good chance we see the market reverse to close higher today. But at this point watch the hourly chart for bullish divergence to possibly consider entering a short-term bullish trade on the indexes. It is worth it if the timing is good, because any coming rebound will almost invariably be quite sharp based on history of these types of moves.

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