(obligatory)
http://www.youtube.com/watch?v=mmMS9nvi6eg

We all should feel very good about today's action. Its been a while since we had a pretty, little FUBM painted onto the intraday chart but we got one today. Please take a moment to behold:
Remember, the FUBM is a very strong technical indicator as it shows an EE takedown that, when it reaches a certain point, is met with significant buying. This is very real...and very positive given all the pain, suffering and sold-into rallies of the past three weeks. Of equal importance, both crude and copper had nice days and both are back above what could have been strong resistance. Crude is back above $87 and now needs to follow through and get back above 88. Copper is even better as it bested 423 and 425 and now just needs to hold its ground and grind higher.

I must ask you to take a moment to review this before we move on. I'm not looking for a pat-on-the-back or an atta-boy. I simply want you to keep our current position in its proper perspective. Almost everything we discussed last week has come to pass:
http://tfmetalsreport.blogspot.com/2011/01/1600-gold-by-june-10-2011.html
So the question is: What happens next? The answers can be found in these two charts.
We've set nice bottoms right where we wanted them at 1322 and 26.55. Are we finished? Is that it? I believe you'll have your answer very soon. As written on the charts, if silver can now get UP and away, through the rebound highs of last night, and trade near 27.60 tonight and tomorrow, my confidence will grow that the worst is over and we can buy with impunity. Not surprisingly, gold looks the same. If we can soon clear last night's highs and move toward 1345, we'll be in good shape. The next 24 hours are important and they will either create a virtuous cycle of new longs and short-covering and more new longs and more short-covering or momentum will fade and we'll move back down to a re-test of the lows. Let's hope its the former.

One last thing, the HUI is very strong today. Its above 510 and about 20 points off its lows from yesterday. This is very important as its been my experience at tops and bottoms that the mining shares tend to lead the bullion by about 24-48 hours.

Keep the faith. All is well. Let's keep it rolling. TF

ps Found out today that your favorite Turd has, once again, been asked to grace the airwaves of CNBS for a segment in February. DO NOT expect me to give you a date and time as I enjoy my anonymity too greatly. I will, however, try to drop a few clues while on air. Maybe I'll simply wear my big yellow hat. Nah...ole A-cups and the FOAD probably wouldn't appreciate it.