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The ability of the Comex to deliver on the silver contracts continues to deteriorate.
Still running a long gold-short stocks pair. Added some silver long today, and doubled up the stock short, so the beta is leaning to the bearish side. I will adjust it tomorrow depending on how things look after the European close of trade.
The bullish case on these charts is for stocks to find a footing around the obvious support levels and create a slanted "W" double bottom with a nice summer rally back to the top of the channel trend resistance.
The bearish scenario involves a break of this support and a continuing decline into the Fed's decision on QE3 at the end of June.
Bernanke's waffling did not help stocks today.
I am still running the long gold-short stocks trade, but adjusted my beta and took the short position up a notch to a bearish lean.
