With SLV down almost 8.7% since Oct. 30, a near-term bounce for the volatile fund could be in order. Whether that bounce ensues is another matter altogether and whether it is enough to take SLV above its 200-day moving average, more than 12% higher than where the ETF currently resides, is debatable.
SLV has not traded above its 200-day line since March. Traders looking for a bearish play on SLV can consider the double-leveraged ProShares UltraShort Silver (NYSEArca: ZSL). ZSL is up 6.5% this week.
iShares Silver Trust
Tom Lydon’s clients own shares of GLD and SLV.