Very much so . . . the world is still at a cusp, and it is looking like it will dangle there. The debt limit must be dealt with in the remaining month and half approx of this session of congress, and oil now seriously toys with putting the brakes on the US consumer economy, coupled with the increase in interest rates in anticipation of QE tapering slowing whatever lending was happening and promising to raise the US annual deficit perhaps enough to show the looming ballon . . .
Oil's braking of consumer confidence and behavior, as well as business activity and hiring as costs spiral higher, combined with a downturn in the housing market data and the phony joblessness data, etc. will very possibly give the Fed room to put very much flex into QE, possibly even some intermissions of "negative tapering" (yes, you heard it here first!) under claim of slow-down in the employment data but actually under need to reduce the interest expense of the US Gov and to fill the gap in demand for Treasuries with them withdrawing.
So the cusp looms.
This week the rabbit looked timid. While it held the A range it showed more signs of dropping back than of moving on, or for that matter even of holding the range. I counted 3 significant penetrations to below A and the highest I noticed was one test of the uppermost subband (24.7) from below without touching it. Most of the time was oscillating around the mid of the lower subrange of A (23.4 - 23.7) with forays lower.
I here watch for anomalous spikes testing the leverage money spent to move the market has, i.e. how weighted stops are that can be triggered, etc.. My theory is that they play leveraged, much as the ETFs, so if they can push down into the sub 22 area for a bit before allowing the upward pressure to let thing settle back to mid A to upper A, that is an extra 3 to 5% on millions in day or two, more if it tumbles lower should there be a break downward.
IMO the past few weeks have shown there is no problem with silver catching a rising wind, and I would imaging the resistance to be seen between the A and the B when the move happens would not be hard to overcome. So, it is a matter of timing and of how many "milkings" happen before A is history to the upside.
Between "the cusp" and the ability for "them" to draw a semi-daily 10% by oscillations where things have been this past week, it will be an interesting week - and the first "full" week after a couple brief and end of summer away weeks. I will be watching to amount of time spent on which side of the mid of A - if things don't break one way or the other. Lots of powder sidelined here in the meantime.
Cheers
