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SIU20 – Sep Silver (Last:23.330)

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A perfect ‘mechanical’ buy triggered in the final hour of Wednesday’s session (see inset) when the futures spasmed violently for who-knows-what stupid reason. However, even if you had been expecting this, execution would have been difficult, requiring lightning reflexes and plenty of luck. In any event, the futures should now be presumed bound for the  26.975 target, at least, even if they have yet to reach the 24.718 midpoint pivot where taking a partial profit on half the position would be in order. _______ UPDATE (Jul 30, 2:32 p.m. ET): The futures  spent the day treading water, suspended midway between the 23.589 ‘mechanical’ entry point and the theoretical stop-loss at 22.45.   I am unable to predict with any confidence how this tedious dirge will settle, but I’d become a buyer again below the stop.

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