We got out of SLV at $45.09 and it broke down shortly after that. Save the hate mail and look at the action for the past ten days in the 15 minute time frame. Notice how you can draw an almost perfect dome across the price peaks. That is a topping pattern. Don't hate me.
Now consider the daily chart especially the last four days action. You see the huge white candel which was followed by a flat day and then two hard down days. That tells you the worm has turned and momentum is down for the near term. Our stop was at $42.79, by selling at $45.09 we saved about $230.00.
We entered SLV this time with 1/2 positions at $28.64 and $27.10 or a $27.87 cost basis. Selling at $45.09 is not that bad. Before that we entered at $18.40 and at $16.53 and were stopped out at $24.44. Not perfect but not bad. This is way this game is played. Remember this is not buy and hold. And if you can find someone who can pick the perfect top and bottom every time tell me about him please.
We are not done with SLV. We will short it soon. I want to short it with puts, but we have to let the volatility work it's way out of the option prices. Either short shares or long puts we are not finished taking money out of the market via this ETF. The big blow out on SLV is coming.