Well, we can say goodby to this week, and good riddance to what proved to be a rough week for the metals bulls and miner mavens, except for the good news that Harvey Organ's illness was not life threatening and he will be fine it appears.
As you may recall, I warned about a 'hit' on the metals for FOMC meeting Tues-Wed. But I expected there to be a rebound and then another hit next week for the end of quarter and silver's July option expiration. That turned out not to be the case, as the metals were hammered lower. Interestingly enough, Silver OI increased.
Intraday commentary on this here.
So what next? Chart formations are really not so much help here except to track levels of support and resistance. I think the reason for this is the free-wheeling nature of these paper markets, only lightly traded, dominated by pros, disconnected from the real economy, and swinging around technicals and exogenous events.
Let's see how next week goes. There should be more data by then to be able to say something more substantial.
Chris Powell's interview on CNBC Asia is below the charts.
Have a pleasant weekend.
