Let's start with an oldie but a goody. Just a reminder that we've been here several times before:
I hope you were able to check the very important update I posted this morning to the previous blog. If you missed it, here is one of the main points:
"The Evil Empire is trying their hardest to raid today but with copper, crude, stocks and grains all up, they're just not having any success at all. IF everything else can hold onto their gains for another hour or so, the EE will be forced to retreat to another day and the PMS will roll back up toward their overnight highs. Don't get ahead of yourself, however. The Forces of Darkness have accidentally "tipped their hand" this morning with the ineffective raids. This only means they are certain to try again as soon when conditions seem more favorable on their end."
I must admit that I figured they would wait until tomorrow but, of course, conditions are most favorable on The Globex when you have the entire battlefield to yourself. Doesn't matter really. Please understand that this was all coordinated. Obama talks right at 1:30 and the PMs are raided at 1:32, right after the pit closes in New York. This is not coincidence! Trade the PMs long enough and you will learn there are no coincidences. Never forget that these markets are manipulated for a reason.
As stated above, the EE tipped their hand this morning. They didn't anticipate the rallies in copper and crude which made their raids in the early morning futile. So, they just wait around until everyone goes home and they use O'bottom as cover to unload a bunch of metals contracts on the thinly-traded Globex. Same bullshit manipulation, different day.
They've now successfully painted an "Outside Reversal Day" on the daily 24-hour charts, too. This is not as important and significant as having one on the Comex chart but it is certainly a troubling development, nonetheless. From here, we'll need to look for a support level from which a couple of FUBMs can be built.
Silver is back under 39.50 and I have a last of 39.29. It needs to halt the slide here and get back above 39.45...pronto. IF it can, it should be able to rebuild and move back over 40 by later this week. IF not and Blythe is not finished pounding away, it could tumble all the way to 38.25 or so before catching a strong bid.
Gold is much the same. It's taken a beating but it should find stronger and stronger bids the closer it gets to 1580. Only a move down through 1578 and a close below there should give anyone pause to reconsider their longs.
I just want to close by saying "FU to Blythe. FU to JPM. FU to The Bernank. FU to O'bottom. FU to all TPTB". We know your game. You don't frighten us anymore. Your desperation only shows your weakness. You are losing. We are winning. It's only a matter of time.