The bounce from p2 is bullish, since it turned the futures around well shy of the bearish ‘D’ target at 20.36. The bad news, at least for bulls, is that the December contract would trigger a ‘mechanical’ short if the rally continues to the green line at 23.80. I would rate the trade a 6.6, meaning it is neither strongly enticing nor for everyone. We can attempt it nonetheless if there is sufficient interest in the chat room. Presumably, we’d use a ‘camouflage’ set-up, since a conventional entry would face initial risk of $23,000 theoretical on four contracts. _____ UPDATE (Oct 14, 11:20 p.m.): There’s no point trying to be a hero as the week draws to a close. For all we know, the rally could be the real deal. Let’s simply observe for now.
SIZ21 – December Silver (Last:23.56)