A very quick FUBM reversal in silver this morning has taken us back up near the 30.50 level as I type.
The Forces of Evil raided silver at precisely 8:20 EST, taking $0.11 out of the price in under a minute. As usual, they sat back and watched for five minutes and then struck again at 8:25, taking out another $0.11 in about 30 seconds. Not surprisingly, our BoS seemed to be waiting to counter-attack and silver has since rebounded. Here's a pretty little picture of another, beautiful FUBM formation:
Let's watch the action today. If the March11 USDX can move back down through 80.40, it would certainly help. Watch crude, too. I'd like to see it hang in there and consolidate above $91.