SPX & Metals Update

What can anyone say about what we saw in Silver yesterday, I mean WOW! It was absolutely staggering (a fall of a cliff, it was like the day), the banksters waited until the close of the Comex and hammered paper silver into the ground. I am really nervous again today for I feel another haircut coming around the same time as we saw yesterday, can't assume its a one day phenomenon. Or maybe they dont want to mess around over the weekend, a lot can happen globally (Egypt, Libya etc). The physical players love it when the paper guys do this stuff and then they just come in and buy it cheaper. I was in a lot of pain yesterday.

Thursday's session began with a small gap lower and traded a few points downward before quickly bouncing to put the high of the day on the chart at 10:21. But from then until 2:00 pm sellers came in wave after wave and took the index down almost seventeen points to put the low of the day on the chart at 1:56. 


But a very sharp bounce ensued bringing the index up more than ten points off the lows in about forty-five minutes. But buyers weren't yet done; after a brief consolidation the index was ran up another five points. But traders surrendered a few points into the close to finish the session just into the upper third of the intraday range.


Yesterday I wrote about not buying this dip and once again my indicators (self developed of course) WRONG AGAIN. It looked for a while there as 15 minutes after i wrote dont buy the dip, the market fell harder. But as usual something happened that the market then listening to my call just stopped on a dime and reversed course and is up about 24 points off that low. On a consolation note I wrote about a short-term target of 1290, well we got as far as 1294 so, Ahhh i still dont feel any better. 


SPX breadth was positive. NYSE breadth was positive. NASDAQ breadth was positive. Yet many indices closed negatively. But the ten day average of Net Advancing moved upward today and the NYSE Composite Index outperformed the SPX. indices are in rally mode on Friday, there will is denying that the character of the market has not changed. SORRY BEARS.


Sectors stronger than the SPX for Thursday:
- Industrials -- Outperformed the SPX by +65%.
- Technology -- Outperformed the SPX by +45%.
- Health Care -- Outperformed the SPX by +45%.
- Consumer Discretionary -- Outperformed the SPX by +70%.
 
Sectors weaker than the SPX for Thursday:
- Basic Materials -- Underperformed the SPX by -42%.
- Energy -- Underperformed the SPX by -132%.
- Financials -- Underperformed the SPX by -14%.
- Consumer Staples -- Underperformed the SPX by -31%.
- Utilities -- Underperformed the SPX by -29%.