Sunday, May 01, 2011

State of Affairs

Proving to be a very exciting interesting Sunday night with silver absolutely pummelled, at one point down 13%.   And no good explanation that we have read so far (not Comex raising margins, not China tightening, nor Bolivia putting a pause on its nationalization plan).   Possibly a dump from a fund but why would they pick a thin illiquid Sunday night for such activity?
Trend-line at 41 on the SI_F– even with all this blood (down 20% from highs already!) it’s still in a bull trend.

We’ve shown this trend-line now a few times on copper — it broke on Friday and continuing to weaken tonight.

Crude off from its highs but nothing interesting

Gold off its highs after silver dump but again, nothing too drastic.

The most interesting chart for us is actually the ES_F, holding green up 4 points!    The entire commodity complex is red (including grains now) and we don’t even go flat? Wow.

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