[T.S.R:17376] Adam Sharp-A Pullback In Silver May Turn Out A Sucker's Rally; Wait For The Fed To Show It's Colours

I was surprised that markets weren't roiled a little more by the unrest on Israel's border. Overall, stocks dropped a little, but nothing too crazy. Nasdaq was dog of the day, down 1.27% compared with the broader S&P 500's loss of .62%.

 

Overall, stocks are starting to falter, though. A pretty short bear market, lasting till the QE3 party hats come out, would not surprise me. Stocks could drop 10 or 20% in 6 months, easily I'd say. I'm not saying it's going to happen, but things are looking a little toppy, to some.

 

QE2 ends June 30, mark your calendars. The fact that metals were down the day after a pretty big international incident on Israel's borders was also surprising. Gold and silver often pop on days like this, but definitely not the case today. I didn't see much coverage of the Nakba protests, not on most front pages I checked.

 

Donald Trump, of course, got top billing on all the big online news outlets. Perhaps it was just a one-day event. We'll see. The border incident is covered more in headline story above, with pictures and video.

 

Gold and Silver are looking a little technically weak.

Silver was down sharply, 4.4% at last check, and looks to be headed even lower, technically. It's breaking down a bit, for whatever reason. A short-term V-shaped bullish reversal seems a little less likely now, but could still happen.

 

Of course, the long-term case is utterly intact, but we're experiencing some heavy volatility. Don't lose sight of the fact that silver is still up 80% over the last 12 months. I look at long-term charts, not 5 day charts. The gold bears have a weak case, which essentially comes down to Bubble! bubble! bubble... bubb bub?

 

Silver is still trading at 3x 2008 prices, and could be had for $5/ounce not all that long ago. Gold has done very well (and looks far stronger than silver technically). Palladium has still soared from $200 just a few years back to over $700 today.

 

In short -- don't let a pullback fool you.
 

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