|This Trade Was Closed February 29, 2012|
Reactions to the fed testimony were market wide selling of risk assets. I had to close this trade at a loss. Sold at .37
Original Trade Post:
Silver, Gold and Oil have all risen recently, and due in part to expectations for tomorrow’s next traunch of LTRO. I entered a trade today in SLV which broke above an important resistance line, produced a series of higher highs/ higher lows, pulled back to support and resumed upward. Rumors are that the traunch will be on the upper end of the range 600bln-1.3 trill, which in essence is another round of QE. This trade is long the March weekly $35 Call option @ $1.05. Possible risks: 1. if the CME decides to in fewer margin requirements, 2. if the LTRO amount disappoints the market – silver could go down
- The Ticker: SLV
- Target Price: TBD per share
- The Trade
- Buy to Open Mar 2012 35 Calls at 1.05 or better
- Trade Opened: February 28, 2012
- Trade Closed: February 29, 2012
Chart courtesy Finviz. Click to open larger.
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