2pm update - fly me to the moon

Mr Market is very pleased with itself, the Dow is finally above the old 2007 high..and now..the proverbial 'moon' is coming. It remains both disturbing..and amusing to see how people believe higher stock prices must mean the economy is also improving.

Its arguably appropriate for an old classic...



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sp'daily3

SLV, daily2

Summary

No doubt a lot of annoyed bears have been short-stopped out this morning Yet, its better than holding short from 1540..to 1555/60..or even higher.

The weekly charts are going to look very over-extended once we're in the 1550/60s.

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*I'm not long the indexes, but I did take a minor SLV long a little earlier. I think there is a good chance of a double gap fill in the 29/30 zone.

However, I am still hyper-bearish on the metals into May/early summer though. SIlver could be in the teens by then. The gold/silver bugs will not be pleased!
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back at 3pm