I think this was the snap back rally that we were waiting for. With the strength of the reversal today, we could move up a bit further tomorrow. I don't think that we will go much higher on this rally. There is always the possibility that we can go back up to 1220 again, but I feel that too many traders out there are expecting that. I think we might rally up just a bit more, then drop down to 1040. Silver made a big reversal today. Gold wasn't too bad, but silver was much better. If you are entering a new trade on the SLV, I'd put a stop below today's low (about $27.41). There is a good chance that the SLV could spike up pretty good within the next 30 days. If you already have an SLV position, you should see a recovery very soon...and hopefully a nice profit after that. If we get a decent move up in the market tomorrow, start looking at the FAZ and TZA calls again. I'd like both of those to get closer to their 50 day MA so that the reward to risk for the trade is better.
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