Trader’s Narrative

The iShares Silver Trust gapped up this morning but otherwise, it was trading in a normal fashion with no crazy volume :

Not seeing a fast market, I had no reason to drill down to a smaller time frame. So I stuck with the familiar 15 minute chart and found the morning tape settling into a tight range.

Just after 10:30 am price broke out of the range and traded higher on normal volume. There is something to be said for these higher priced stocks. Especially when they trend like this

Curiously, the last time I spoke about SLV, was quite cynically and as karma would have it, that marked its swing low.

There is a well worn adage on Wall Street that says, when the ducks quack, feed them.

Want to see it in action?

Here’s the gold ETF from its IPO in November 2004:

And here’s the recent silver ETF: