Update 6/9

The last few days have been relatively quiet; equities have held up relatively well, no major drama. This is encouraging, but I continue to feel that this is the lull before the storm. I still believe we'll see 9,000 in the DOW before summer's out; the Euro I feel will go lower vs the USD; I still see Bernanke acting to stop the deflation before too long. Bernanke gave testimony today saying that there is a moderate recovery going, which I very highly doubt.. and I think he does also, but he can't come out and tell the truth as it would cause a crash. Stay alert here, and bet deflation.. but keep tight stops. There are unsettling news about the level of support the European Central Bank is giving to Eurozone banks and to sovereign bonds to keep them afloat; look for this to continue.

Going with the deflation theme, I'm going to exit my long silver at tomorrow's open for a small profit; silver was hammered today. I'll look to re-enter long when it goes under $17, which I'm thinking should be in the next couple of weeks.. unless Bernanke acts. My short copper is doing very well, especially today when it was "leaked" that China (who buys nearly half of the world's copper) would have a very good exports report.. and still copper sank a few cents. Three weeks ago such news would've sent copper rocketing upwards.

5pm 6/10: Got out of silver at the wrong time of the wrong day. I exited on the open $18.05.. and it promptly went up thirty cents/oz and would up at $18.35. So much for deflation and lower stock markets.. still, as I bought silver at $17.25/oz, I've made eighty cents/oz on a contract of 5,000 ounces.. a total of $4,000 profit.