Euro turns, silver market melted up

Look at the massive divergence in silver and speculative silver positions. This chart, which goes through November 9, captures silver right near its top, while the speculators are becoming much less bullish. It was late Tuesday that the CME changed the margin rules on silver and sparked a sell-off. SLV actually went well over $28 a share, but came down after the news.
As for the euro, I posted earlier on what appears to be a turn in social mood, matched by the turn in speculative positions, a turn on the charts and a rebound in the U.S. Dollar Index. I am looking for new multi-year lows in the euro versus the U.S. dollar. If you're interested in Elliot Wave International's take, it is Free Week there. You can access the Forex newsletters for free through November 18. If you have a free account there you can sign in to access the newsletter, if not, they don't ask a lot of information to sign up. Forex FreeWeek is now on!

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