The stock market gaped down at the opening, leaving few chances to those who were willing to exit their positions to realize it at a moderate cost. Breadth closed on an awful note: 516 stocks advanced compared to 3379 that settled down. Hedging activity increased in the option market but far from historic extreme readings. We still favor the scenario of a large trading band developing over the next few weeks with the first bottom no yet in sight.

As expected, silver prices reached the high 18’s at Usd 18.95 before retreating this morning, some kind of consolidation may follow before the next swift upmove that should break decisevely the 20’s.