The commodities trade looks to be back on

After weeks of decline the commodity trade looks to reverse trend here. Oil looks to be the strongest. Silver may have bottom or is near a bottom, the 200 day moving average on the SLV would be the next support if a bottom hasn't been put in yet.

NANO

NANO looks very bullish so I picked some shares up. NANO has a lot of support at the 200-MA.

Silver is not at a bottom yet

Silver is reversing during the final hour of the trading day after looking like it was about to put a bottom in the short-term.

It wouldn't be surprising to see SLV flush to $30.

Hello traders,

Sorry I haven't been posting lately. I've been busy looking for a new place to live as I am finishing up my degree and looking to work for Wall Street.

I shorted Gold and some other commodities at their top. I'm starting to see what could be a short-term bottom in commodities like gold and silver, but I have to wait until the last 15-min. of the day to confirm.

Check back just before the trading day is closed!

A few weeks ago I made a post about precious metals and where one could expect a top to form if technical analysis, psychology, and math were used together correctly.

The levels were $148-$151 on the GLD. $148 being a trendline and $151--a Fibonacci output. Math called the top. GLD all-time high? $153.61

http://yourfinancialblogger.blogspot.com/2011/04/when-if-ever-will-precious-metals-pull.html

Silver continues to crash

Silver had a very nice run up in recent months so a correction of this magnitude isn't surprising at all. But the drop is so dramatic, I'd look for some reversal candle to signal a long position.

The Markets are looking very unhealthy and all indicators, but two, are still pointing down. They've been showing a negative divergence since last December. The indicators don't determine short-term bounces and bottoms, they indicate a longer term bottoms and tops.

A lot of stocks are pulling in today. This type of action makes waiting on the sidelines all worth it.

SFY has support between $35.40-$36.50

CHK Bull Flag

CHK is setting a nice intraday Bull Flag here. This pattern can be used for a day trade.

A pierce of $8.00 would be a good buy on HL

My swing trade positions:

AVL, CHK, Short Gold.

Stocks with Bullish Consolidation

These stocks have good fundamentals and are attractive at these levels.

AVL:


CHK:

You would think the death of Osama Bin Laden would rally the markets, but it didn't. The markets are trading inverse to the US Dollar. Late in the trading day, we saw the major indexes as well as precious metals pullback in as the Dollar rallied.

SLV-towards the 61.8 retracement or around $33.50 I'd start to get interested.


GLD-Pierced the Fibonacci resistance and formed a topping tail. A pullback is expected.

Osama Bin Laden has been killed

Osama Bin Laden, the mastermind of the 9/11 attacks, was killed earlier today with a gunshot to the head.