As we begin the week, let's start with the dollar. "Calvin" appears to have run his course and now it's just a matter of watching it bounce off of potential support areas. Nearly all bounce buying will be purely technical in nature because who, in their right mind, would be buying on the dollar's fundamentals? Seriously.
OK, that's it for now. Keep an eye on the headlines today as the Greek "situation" is just another step in the collapse of the Great Keynesian Experiment. Have a fun day! TF
1:00 EDT UPDATE:
Frankly, I'm a little disappointed in myself that I didn't see this coming today. Moving too fast, I guess, and I apologize.
After silver reached 38.85 on Thursday, the Cartel brutally beat it back 36.25. In rallying back, I should have realized that they would cap today near that 38.85 level. Bad Turd. Silver reach 38.77 and the monkeys were unleashed.
From here, let's look for an FUBM. Let's hope it is already underway. If not, another wave down should lead to the area of pretty stout support between 37.50 and 37.75. Either way, I still expect silver to re-group and test 39.50 very soon.
2:00 EDT UPDATE:
So far a very nice FUBM. This afternoon and evening, watch 38.60. Getting back UP through there should lead to a successful passing of 39 and then on to 39.50. Failing at 38.60 will lead silver back down to a retest of the 38-38.10 area.