Silver closed up 20 cents today. Open:11.88, low:11.70, High:12.16, Close:12.08. Silver is in the middle of its two week range and at the top of its two month range.
Silver performed quite well today compared to Gold(which closed down on the day) which is generally a bullish sign for the precious metals. However, the precious metal stocks sold off today which is a bearish sign for stocks.
Treasuries continued to sell off which is not a surprise but should be viewed with some amount of alarm for people who have Adjustable Rate Mortgages ready to reset. The potential drain on the economy that billions of dollars of reset mortgages represent is currently underemphasized.
The US dollar continued its rally in a meager way today.
The equity markets closed slightly higher today but dramatically off their intra-day highs. The equity market still looks particularly vulnerable to me beginning with the doji candlestick on Friday August 4th.
Crude oil and Gasoline violated previous support and appear headed to lower values.
Silver outlook. Nothing new. Neutral/bearish-looking for an entry at 10.70.
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