The scenario I laid out last night in"Turd's #2" is very much intact and alive this morning. Therefore, instead of the usual gold and silver charts, today I give you some backup info to watch.
First, the POSX. We began looking for a dead cat bounce about four weeks ago. It has certainly come to fruition, even exceeding our goals for the rally. However, it has met its match at 76 and looks ready to begin rolling back over. Dollar weakness will clearly ease the pressure on the PMs.
OK, that's it. Please go back and re-read "Turd's #2" if you're looking for levels to watch today in the PMs. I have lasts of 1493 and 34.70 so things continue to look up. Be on the lookout for raids but, more importantly, be on the lookout for FUBMs. The re-emergence of the FUBM will be your most certain sign that the storm has passed.
I'll be out for most of the day. I'll update through my phone if absolutely necessary otherwise look for another post this afternoon. TF
ps Gold at 1500 and silver at 35 are very encouraging. Also, July copper just tapped 410.
You can start getting excited above 1505 and 35.50. Until then, just stay encouraged.