Dollar just put in a hammer candlestick on the 240 min and is trying to put one in on the day coinciding with the previous support level from last week of Sept. This is a bullish reversal on the dollar which has hurt all the commodities.
If silver closes above 34.51 by end of day today, the low will probably be 34.11 in the next day or so. If it doesn't close above 34.51, then there is more downside to come.
spot silver finished 34.51, dec 2012 finished 34.54. Dollar turned upward ferociously.
Apple has trigger bear mrkt warning down 11% peak to trough.
When the mrkt gets scared and the stars align, people raise cash on margin calls, from their winning trades and it's inarguable that silver and gold have been the winning trades of the last several weeks.
The IMF is pulling out all the stops trying to cheapen their currencies by bullhorning a contraction in overseas markets, and the euro is responding, and the dollar is emerging "ferociously" here at the 10% mark to the 1971 value. The entire market looks to go long only when the dollar goes into the toilet and can't buy anything of value, like food clothing and shelter.
Much of it is smoke and excuses, but the HFT has kicked in twice today, to wash indexes down the drain.
Looking to AA reporting tonight as a bellweather is so 1956 it isn't funny, but folks are still looking to new housing in the middle of a foreclosure glut to tell them something about an economy awash in already existing homes, so the herd is difficult to turn even in the face of fourth grade math.
AA is expected to be flat--hopefully their blowhard of a CEO will not disappoint with forward guidance. It is hard to be adrift on the machinations of aluminum co's, but the co is worth more if they'd shed the mining and become LESS vertically integrated. Since that augers against 8th grade economics, that won't happen.
Hope they show one stinking penny, or the sinking continues. post market tonight.