Early Bird Report

2/2/11

Early Bird:

7:02EST

Silver:

28.14(5) is the key level for all time frames

It’s the OAV for the now term, immediate term and short term

Providing we stay above it for another 4 hours

Or if we clearly trade above 28.54

I’ll update the immediate upside targets

USD:

No major change

We MUST clearly and continuously trade above 77.10

In order to reverse or bounce

Otherwise

Down to 76.65

ESH11:

Last nights open created 2 new patterns

One we already reached the upside target (1305.50)

The second pattern is as such

Pointing Up

Equalizer: 1303.00

Up Price Target: 1312.00

Down Price Target: 1294.00

This pattern developed from the new high

As previously mentioned several times in the past

Patterns pointing up based on a new high

Have a higher percentage reaching the Down Price Target as opposed to the Upside target

Overview:

1294.50 (Compression Gap) on all the different time frames is the key level to take out on a down move.

I’m expecting a move down from current levels (we have coils – pointing down)

The key level on the big picture regarding a decline or a contention of the up move is the Gap Trendline (currently at 1284.50 (Chart attached)