Silver has broken its uptrend from Oct 08. A lengthy consolidation might be necessary to repair the intermediate term technical damage. The first up move frequently stops at the broken trend line, which would be around 17.50. Gold also broke trend, but only marginally, platinum and palladium are still in clear uptrends. Everything, including the general market, looks like it has reached a temporary bottom - selling appears to be exhausted, for now. So for the next 2-4 weeks we should get a rally.

Problem is, the general market has clearly broken its uptrend and the weekly MACD is on a sell. This is where things get tricky. I`m not sure how strong this rally will be - I suspect it may be rather tepid and may end suddenly. I still plan to sell into any strength and raise cash. While PM stocks are often the first to recover from an overall market decline, I just don`t believe they are immune. I don`t think the market will crash, but it could easily give up 15-20% between rally`s end and the fall. I`d rather spend 6 months sitting in cash than trying to fight the tape (well, at least my guess as to what the tape will say).