Mr. Silver for Now

I went long AGQ last Friday at $38.80, which is the ultra-long silver ETF. My stop-loss is still below $36.50. The ETF came close to taking out my stop this week, but not quite. As you can see on the monthly chart for the straight-up silver ETF, below, if these prior 2010 lows can hold there sure be plenty of time for me to add to my long into further strength. From a bull perspective, seeing silver lead gold higher today is another step in the right direction to hold major support, on top of the action in the miners. To be sure, a move over $21.30 in SLV in the coming weeks would be another notch in the bulls' belt. Still, there is much work to be done, which is why I am not yet pressing longs here. __________________________________________