10am update - metals on the slide

Whilst the main indexes try to build minor gains this morning, the real action is in the precious metals market. Gold and Silver are both significantly lower, and have both taken out key support. There is very significant risk of a major snap lower - on the scale that we saw this April and June.


GLD, daily

SLV, daily'3

Summary

*I remain short Silver (via SLV)..and will be looking to dance in/out of that trade across the weeks/months ahead.

Downside targets remain GLD 105/95 and SLV 12/10. - probably sometime in 2014.
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As for the rest of the market.. more later!


TSLA, looking ugly as ever...

Target remains 110/100..not far to go really. I'm still wondering about Carboni's target of $60. Oh well, lets see what sort of bounce we get off the 200 day MA.
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10.32am... black candle on the VIX...and indexes trying to break higher.

Equity bears really don't look likely to break <1784.

Metals seeing a bounce off the opening low, but the bigger trend sure looks bearish. Will be interesting to see the reaction from the FOMC minutes later today.