SIN23 – July Silver (Last:25.930)

Silver loves to tease traders by tiptoeing up to old highs and lows, then reversing with sadistic brutality. You’d think the victims would have caught on by now, but if and when they do, the gremlins that animate this vehicle will have moved on to a different, equally nasty game. For all its histrionics, the ABCD pattern that has informed our bullishness for the last two weeks remained intact along with its 27.150 rally target. The futures already tripped a profitable ‘mechanical’ buy on a pullback a week ago to the green line, and it would trip another if it takes out Friday’s low at the beginning of the week. That would amount to sloppy seconds, though, and so I will offer no guarantees.