Click on Chart to EnlargeSee that chart for notes. But it is probable that a new down leg has begun in stocks. Based off of chart patterns and support, I believe the next leg down will go to the 1000 area at least before a major pause.
Click on Chart to EnlargeWhile this doesn't affect our open SLV short, this is the signal I've been suggesting to be watching for on SLV to give indication that a new large trend has begun. This can be a great signal for entering options trades 1-4 months out before expiration. The closer to expiration the closer to the money to buy.
I am still maintaining the SLV Oct 34 puts. I also bought SLW Jan 34 puts yesterday because it appears to be forming a head and shoulders top with a projected decline to about $20 based on the chart pattern. So that gives me a second exposure to the downside of the silver market.
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