Eoin Treacy's view

My entry point in buying silver was not the best following the massive upside outside day posted on the 1st. As a result I have been a bit more anxious with the position that I feel comfortable with and decided to sell in the hope of improving my entry point later. I closed the position this morning at $16.843 against my purchase at $16.735 on the 1st including spread-bet dealing costs.

It’s been quite some time since I traded copper and the first time from the short side if my memory serves me correctly. Copper broke below $3 in late November and rallied back up to test the lower side of the underlying trading range of the last couple of weeks. However it is looking increasingly likely that it is failing at this level. Considering how large the overhead top formation is the potential for additional downside is non-trivial. 

I opened a short in the March Comex Copper contract selling at $2.86425 including spread-bet dealing costs.