Here is an update of the daily Silver/Nasdaq 2000 analogue from last weeks note (see Here). This chart was created intraday ~ 9:45 EST 9/22. The analogue had a target for SLV ~ 36 for this week. I sold my respective ZSL and GLL positions this morning with the expectation that silver and gold should firm in the coming sessions and make one last attempt at a rebound high in the coming weeks.
To the degree that the markets have been highly correlated coming into the Fall, I would expect the equity indices to also firm in the coming sessions. When these correlations will weaken is anyones guess at this point – but I would expect that a resolution directive on the European front would go a long way to differentiating asset class relationships going forward.
As always – stay frosty.
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