1pm update - metals remain under severe pressure

Whilst the main market is seeing minor chop, the more interesting action is in the precious metals. Gold is -$16...with Silver -2.0%. The broader weekly/monthly cycles remain deeply negative, and the June lows look set to be broken. The mining stocks will naturally react...to the downside.


GLD, daily

SLV, daily'3 - H/S

Summary

The metals remain a market unto themselves, as do the fanatical gold/silver bugs who still don't understand..and remain in outright denial.

Regardless of any minor bounces in the days ahead, the primary trend remains starkly to the downside.

I like the H/S formation idea, if correct, SLV to the 17/15 zone within the very near term.

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*I'm short the metals via SLV, will seek to hold broadly short all the way into 2014...where Silver should in the mid/low teens.
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1.32pm.. TSLA remains a notable mover, -$10 @ 125.  Not long until my target zone of 110/100 is hit !