RE: swmoore-buy some now--don't be caught outI'm torn whether I should buy at this level or not. Silver was tanking pretty hard in overnight markets and was looking like we might wee sub $14, but we are back up to +$14.50 and holding. I think the market is trying to trick me into buying at this level, with still one more leg down before options expiry.
We are already so deeply oversold now that any further declines are really only wishful thinking. Another factor to consider is that the limitations on shorting the big 19 financials expires tonight, and downward pressure may begin to be reexerted on the banks that could bring up the PM's. It may also be an opportune time to reapply double inverse ETF's on the financials again SKF:AMEX (gotta watch the FOREX spread). I was also thinking that it might be wise to add some double inverse bullion ETF's HBU:TSX as well. If we can break the $1200 gold price later this year that would be an easy double. Hard to say.
TSX Venture also broke down through 2,000. Unbelievable. There is so much deflation in the Venture equities that it almost makes you want to trade the ETF's to avoid the corporate balance sheets.
I think I might feel comfortable adding some shares at or below $3.00, but I'm a little concerned we won't get there.
Any thoughts.