Morning market comment

#1, I guess I shoulda bought them silver rounds and gold bars yesterday, eh?

#2, here's some charts:

Looks like UUP is giving more evidence today for a roll-over. I guess that's good for equities and PMs.

But I'm not so sure about IEF. It's presently a lower high, so maybe it does go down from here. But already, and without looking at my RSS feeds, this is looking like a short-term market move, probably driven by yet more noise about how Obama's going to sell the working class down the river by permanently extending the Bush tax cuts for the ultra-rich.

Here's some proof towards that:

JNK is flying back up now, and is printing a higher high. So dumping of high-dividend-yield ETFs has stopped and reversed.

The utilities were also beaten down on the fear of the Bush Tax Cuts expiration - they're also high-yield. But now they're back at 0SD; this isn't of course saying much, since 0SD could just be the terminus of a further bear flag.

So, I dunno.

The silver & gold puke yesterday AM, I guess driven by expirations, has now been more than reversed in silver. Gold hasn't yet come back. That suggests that people are happy with the economic situation (silver), but not so happy about east & south Asian wealth prospects (gold).

FWIW when it comes to stacking physical I'd rather buy gold than silver.