$ Silver $

Quote from 2gtt:

i notice that a lot of us posters are wrong regarding silver, especially in the last couple of days.

people went from extremely bullish from 12 hours ago to extremely bearish now.

i think it would be really funny if silver went back to last night's highs within a short period of time. that would be a tremendous whipsaw for short-term traders. some really long-term trend-followers still have their stops in below $10.00, so they are ok.

a lot of the orders are flowing through REFCO this morning, and they really have the table controlled. i don't want to play poker against the trade houses today.

Edward Kim
2GTT, LLC
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Not me, I've been saying it all the time in my previous posts that a sharp sell-off is inevitable with a huge open short position still in place. And as you can see the sell-off is far more intense than the run that silver has experienced from $9-10 levels. And as the history has a tendency to repeat itself, quite a few times already in the last couple of years in silver futures, I would bet you $1 (:)) that tomorrow is going to be just as bad.
 
Quote from Ivanovich:

"SAN FRANCISCO (MarketWatch) -- May silver dropped $1.822, or 12.6%, to $12.70 an ounce in New York, leading a broad decline among the metals futures. June gold sank $20, or 3.1%, to $616 an ounce after reaching a record $645 earlier in the session. "This originated in the silver pits," said Jon Nadler, an analyst at Kitco.com. There's "major profit-taking by funds that had loaded up ... in anticipation of the silver ETF," he said, and since the ETF still has not seen the light of day, "funds decided not to be pigs and took some money off the table."

Day trading dream? Heh...can't get any of the servers to accept my orders. Everything is in chaos.
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what system are you using? i'm trading on ecbot with ib
 
excerpt from www.bloomberg.com


-Comex halted trading in silver for 15 minutes when the price decline neared the exchange's $1.50 trading limit, which was later expanded to $3.-

-Silver reached a 23-year high of $14.69 earlier. The decline was the biggest fluctuation of any commodity today.-

one precious metals analyst was quoted as saying

-It may well be that Barclays will take a `go slow' approach on it until the price comes off-

-The last thing they want is a bunch of people buying the shares at the top of the market.-
 
in 1987 (?) if my memory serves me correctly

the comex closed for a day ... silver had a steep selloff down perhaps $2-4 from the highs
and gold dropped maybe $30-45 from the highs

perhaps since it is now 2006 and we have

a much better ( I hope ) system in place
for brokerages and their clients and the COMEX
to track down and correct any "bad errors",
"out-trades" , over margined clients and firms

they will not have to do anything as severe
as in 1987.
 
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