The SLV gapped up this morning as nervous investors flocked to gold and silver. The price action on SLV was very bearish on Thursday which is why I posted the put option trade. The close above 38 on Friday and the gap up today would indicate a more bullish outlook in the SLV. There are still a few conflicting signals out there which is why I'm not turning ultra bullish on silver yet. If the breakout is due to fears over the debt ceiling, the move could be reversed if an agreement is made within the next week. Watch to see how the SLV closes today. If we end up closing below today's opening gap up, it would be another bearish price action signal. If it closes higher than today's open, that would be considered more bullish. The opening price on the SLV today was $39.30.
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