The POSX is down today and rates are down a little, too. This has allowed a small, algo-driven bid to take hold in the Comex PMs and, all of a sudden, we have ourselves a little pre-BLSBS bounce. While not too significant, it's certainly preferable to the alternative of a pre-BLSBS slam.

And that's mostly what you're seeing today....just a little AlgoHell to the upside. There's likely some short-covering thrown on, too, but this is primarily being driven by POSX weakness. You can see it for yourself if you watch the tape live:...