UPDATE.

SO far so good on our first trade.

SLV has gone from $44.02 to $45.54 and the Oct'11 $35.00 SLV Puts are currently trading at $1.24 for an 8.8% gain in just two trading days. (Friday was closed due to Easter). I'm hoping to make much more than 8.8% on this trade, as it is inherently risky, but we'll keep a close eye on it. No gain is real until it's been closed.

As far as the silver trade is concerned, man this looks like it could really turn into a moon shot. Everyone must say that during bubbles, and there's no doubt silver has gone vertical, but it just doesn't feel like the end to me. It honestly feels like there is much more room to go here, it is not slowing down. There are some metrics starting to flash warning signs, such as RSI, and just a visual on any chart pulled out to more than a couple weeks is a picture perfect painting of a frothy market. But other indicators, such as sentiment, supply/demand pictures, and the possibility of a massive short position by the large bullion banks all could add up to a run of epic proportions. Just played some poker this week, not one person at my table over the course of two days knew anything about silver. When silver really goes, everyone will be watching it. Anything in public news these days is all about the top, how these prices can't be sustained. Well as we all know, whether that is even the case or not, any market can stay irrational a long time, a lot longer than most can stay solvent.

So for now, I'm going to do a little more research, and keep a real close eye on it. Even though I'm late to the game, I may still try to play this to the upside.

Portfolio Update.

Cash = $102,720
Open Positions
- 20 Oct'11 35.00 SLV Puts (-$2,480)
Open Orders
- N/A

Total = 102,720-2480 = $100,240.00