some of bill murphy's commentary from this afternoon:

The silver open interest went up 538 contracts to 105,328. Now all of the recent new buyers are in the chips.

While the shorts didn’t let silver close above the key $15 technical level, it sure came close after making a $15.04 high early on and completed a picture perfect V bottom. Having watched the silver market trade for 34 years, it seems to me we have finally reached the point where silver begins to soar, as many of us have expected for some time. In addition to the relentless new buyers, it is trading as if the shorts are looking at each other and saying, "Uh-Oh." In the past rallies like this one have been met with Gold Cartel smiles, as “let the suckers in, we are going to bury them” kind of talk. Sure, the bums might attack again. But, it sure feels different and the trading action is different in that the market went quiet after a BIG rally … versus going quiet after a ten cent rally, as we saw weeks ago.

As mentioned before, silver "The Mule" goes when IT wants to go. In years past silver’s biggest moves have come when it goes on its own without outside market help. And no market that I have followed can move up more swiftly than silver. This certainly would be the case IF JP Morgan, or any other silver price manager, says, "No Mas." Course we don’t know if this will be the case, but the probability of such an event has risen quite a bit. What fun that would be.