A close below 73.94 in the June POSX would clearly signal a retest of the lows from late April near 73. Since I'm not the only one who sees this, it will likely hold here for today. Next week, however, will be a different story. When this weakness will finally be allowed to be reflected in the price of commodities is anyone's guess. For now, just keep in mind that The Truth is on our side and, eventually, truth-based sanity will return.
p.s. I just noticed that Trader Dan has posted on this, too. He even touches upon the "conventional wisdom" that so annoyed me last night that I had to personally smack around a troll who was claiming I was a dope for suggesting that a weak BLS would send the dollar lower. Anyway, this link is definitely worth reading.
5:00 EDT UPDATE:
The POSX will, in fact, settle down under 74. This clearly has negative implications for it next week.
The CoT must have been OK for silver as it has rallied nicely on the Globex. It's actually UP on the day after reaching as low as $35 overnight. We'll see what happens Monday but, heading into the weekend, our situation doesn't look nearly as dire as it did 10 hours ago.
Lastly, check out the weekly chart of the June gold. Sure looks like the terrible, barbaric investment that those in the MSM would have you believe it is. A popping bubble, that's for sure. <sarc>. TF