Yesterday we nibbled on some Gold and Silver ETF’s.. Ouch! It’s painful to be early! The pain is only mitigated by the Short Aussie we hold against them.Silver needs to show some kind of a reversal in the next couple of hours for me to stay with that side of the spread.

Just a couple of levels worth noting this a.m.: Copper is trading around the 200 day mvg. avg. Closing below it would be negative for the stocks. 30 yr bonds…the low 124’s followed by 125.06 the yearly high

OIL 105.31 is big and a Friday close below will put in an outside reversal week to the downside. This would effectively put the last nail in the coffin for the risk on trade. The Midcap and Russell have led the way and are well below their respective #’s 98760,83690 closing #’s for their outside reversal weeks to the downside. The Spu would need a close below 1327.