Posted by lae2 on December 03, 2008 at 10:00:18:
The MMs shorted the "Dow" down to 8240 and covered/bought to 8320. First bounce at 8280. A positive move through yesterday's resistance at 8400 and the shorts at 8500 will get nervous. Long sharks will go hungry today if the DOW fails support at 8200.
Meanwhile, Silver Weaton (SLW) was the victim of a feeding frenzy in yesterday's aftermarket. The frenzy continues this AM. Why? The rest of the mining world is dumping. FCX is severly wounded by a dividend. Blood is in the water; the sharks are circling FCX and feeding on SLW.