Silver hits a 31 year high at $36.74

NEW YORK (TheStreet) -- Anthony Neglia of Tower Trading breaks down the silver trade as prices keep breaking to 31-year highs.
Silver hits a 31 year high at $36.74 is it time to take profits or do you wanna stay long ?

Anthony Neglia :'...Well I guess did you before -- see a lot of the profit taking is being done from overnight highs the intraday lows OK and we haven't broken. Any major trend lines to the downside yes thirty dollars would probably be a very cycle -- you know psychologically damaging for the -- investor OK but for those that. Are looking to get in at lower levels that would probably be the area that -- you know that I feel that it would would stop and some renewed buying interest. I mean there's a tremendous amount of open interest in the -- forty dollar call we have about 101000 Dodd 101000 contracts -- They don't expire for another month towards the end of April so if we get a hint of 38 to forty dollars over. This to be very very interesting. Moved to the upside if those calls happened to go in the money. Heinous thing any short contracts right now. Not really -- there is some profit taking on some options areas. As far as we're concerned but I don't see anybody taking any significant short positions in futures or an options okay -- beyond. This which is. The switches that have been done you still have a lot of shorts now because of the back would be seen in the further out months so eventually those are going to have to be bought back. Okay which. Renews my. Renews my faith in the fact that this is going to be -- continued rally. Question how are you treating you taking profits during the day in and buying back -- I like to take it from the elected taking from the long side finding areas that I would rather buy. And areas that I would rather sell so what that area like -- that area for me is the you know 35 area -- you know makes over. OK and -- you can take you know twenty -- profits in two day that's you know very good day's pay....'