Trade Update: SLV

Silver gapped down six dollars opening barely above $42 an ounce on the Hong Kong market. It has recovered and bit since and now trades at around $45. You can anticipate a corresponding gap down on SLV this morning but I can't say how much. Our stops on the SLV are at $42.79 which should be far enough out of the way so that we wont have our stops by passed completely. I think we will sell into any strength this morning.

I think silver is very extended here and susceptible to a major pullback.