More concern on Greece and what will happen if it leaves the Euro had traders fleeing risk and commodities including gold and silver.
There is also quite a bit of secondary liquidation being done as traders raise cash for 'the Big Flip' when Facebook comes out after the bell on Thursday.
Expectations are for the stock to price in the 30's, and then run up in the secondary market into the 60's at which point those who had the IPO can liquidate if the momentum traders provide liquidity and institutions and mom and pop pick up the slack.
I am still long gold and short stocks. I hold no miners or silver. I am holding about 25% cash in my trading account and thinking about when to deploy it. Unless Europe collapses I think the bottom is very close. I would like to see an 'intraday V' to punctuate it.
