ZSL Long Triggered, Out Of LOGI For 6%

Today my ZSL long triggered at $19.34 and currently the position is underwater with today’s close of $18.82 however, this long is still in play.

The 50 and 20 MA’s are still trending higher and my price target for the next week or more is $23.

SLV had a huge rally on an extremely weak dollar. It looks like the Fed is making the last two days of POMO worthwhile as they absolutely whipped the dollar today which is why we saw precious metals sharply off of the lows. I still like the ZSL short here as long as silver stays below the 20 MA. If it closes above the 20 MA, then the play is off of the table. Downside target remains the same, $30.50 – $30.60. This level could potentially be a long term bottom in silver. I’ll discuss this more at a later date and will likely go long AGQ when that happens.

I took 6.2% off of LOGI this morning as it reached my target of $11.05 just beneath the gap fill of $11.10 from last Wednesday. The stock ran higher afterward before stalling out but once it reached my target I did not stick around for the ride. This was a weak stock in a confirmed downtrend and I only planned on holding it for a one day bounce regardless. The level I put out worked like magic and I’ve since pocketed the profits and walked away. LOGI might reach the second target of $11.70 if the market floats higher again tomorrow but whether it does or not fails to concern me in the slightest.

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About Aaron Basile
Market Technician, Equity/Commodity Trader, Austrian Economist, Contrarian Investor

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