Silver is staging a decent comeback today, but so far it's nothing more than a Fibonacci retracement of yesterday's 10% decline. It will take a move exceeding last week's high print to flash an all clear and bring the next price target into view, i.e., $100+. I made a strategic adjustment in my SLV calls position today that I want to pass along to my PRO subscribers, just in case. With the Jan $50C bought Nov 26th now up 969%, I sold half the position and rolled the proceeds into the SLV Feb $75C. My reasoning: When SLV was printing its all time high @ $71 last Friday, the Jan calls were up over 50% for the day, while those out-of-the-money Feb calls were up over 100%. I want that extra leverage for the next leg up. Why not roll over the whole position? If SLV is not done correcting, the deep in the money Jan calls will hold its price much better than those Feb out-of-the-money calls will. I'm not willing to risk the entirety of that massive gain, now just shy of a ten-bagger, for that additional leverage, so only half a position gets rolled today. If Silver makes a new high, everything gets rolled and by then, we might be rolling into a strike much higher than $75. SLV Jan $50C SLV Feb Calls Silver It's too early to tell if Silver and SLV are finished correcting, or if a larger downturn is in its early stages. Looking at the vertical move over the past month, it just feels like there is more to come. Consider taking partial profits in Jan calls and rolling into a higher strike Feb calls with some-to-all of the proceeds. SLV
