Alert: silver looks bearish.
Let’s add ZSL at the market …
Silver remains below its 50-day moving average and some other key long-term moving averages. The pattern continues to look bearish despite silver going mostly unchanged in recent weeks. Silver has broken below last Thursday’s low and we could see a sharper decline; that’s why I think it makes sense to get in here.
Let’s add ZSL (PowerShares Silver Double Short ETN) at the market as a play to capture at least a near-term decline in the price of silver.
ZSL (Last Price: $13.37)
Buy shares of PowerShares Silver Double Short ETN, symbol ZSL, at the market. Then place an order to SELL ALL your shares of PowerShares Silver Double Short ETN, symbol ZSL, at $11.89, STOP. This order is good till cancelled.
[Please note this is a 2x-leveraged fund which means it will move roughly twice as fast as the underlying price of silver.]