02Sep10:25 amEST
Peanut Butter Fingers
Commodities continue to be slippery by nature, in terms of hold any rallies. True, crude is basing out reasonably well at the moment, considering yesterday's plunge. And USO may very well be building out a short-term bull flag. Still, more work needs to be done to cement any type of durable bottom.
When it comes to precious metals and miners, silver seems to be the heartbreaker in the group, especially.
On the updated 30-minute chart, below, of the silver ETF, note how critical the $14 has been of late. Silver opened up above it but is now circling back down to it, perhaps showing peanut butter fingers again in dropping the ball.
Still, silver is outperforming the precious complex this morning, and I am looking to see if $14 now converts into support for a potential quick trade inside Market Chess Subscription Services.
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