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Monday, December 6, 2010

Monday, After the Close!!!

Silver had a monster move today today with $30.355 as the HOD.
There has been a large amount of Internet traffic this pass week about JP Morgan being naked short Silver, most of this started by the same companies that Buy and Sell Precious Metals. Many think that if they buy Silver, somehow that will force JPM into bankruptcy because they are being reported as being massively naked short Silver. Something stinks about this because JPM is not stupid, these large Financials Companies win no mater what happens to the price of Silver. Here is a great article about this from zloj from the Motley Fools CAPS page, and well worth reading.
Beware of this advice, or why the "Crash JPM" scam will only crash the suckers who believe it

The SPX could find no mojo today and went nowhere. The Russell 2000 fared much better and closed up 0.59%. The biggies where in the metals, with Gold up 1.42%, and Silver up a whopping 3.25% and over a buck higher from the open. I did post a Silver chart in this mornings post showing the strong move since early August. For such a large move in metals, one would expect a strong sell-off in the Dollar, but that is not what happened, the Dollar closed UP, 0.28%. This is looking more like a run to Safety in the precious metals and not the result of currencies. Strange relationship today.
In the Squiggles for the SPX, it appears a small degree 4th wave is playing out, and on the other hand a look at the Russell chart suggests that it is in a 5th wave, upping the odds that the SPX might truncate, that is a 5th wave failure.
Breadth for the day ended very flat at 1.0040:1, decliners.
The Trendfinder only had one change today, TLT went Bullish.

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