The fingerprints of officialdom were all over the markets today.

The Fed's Bullard came out with a laughable statement that the Fed might consider extending QE3, which is fairly meaningless given that we are nearly at the end of the taper.

But concerted buying in the futures, specifically in the SP, gave a little more 'oomph' to the jawboning, and the markets were able to turn it around, although weakly, but still well off the lows.

I enjoyed watching the closing ticks on the SP futures into the close of trade, and the quick drop off in the time from when the cash market closed at 4 PM and the futures paused at 4:15.

This is going to be a long grind in the metals I'm afraid. It will take quite a while for the reckoning to come, but then it does it will happen much more quickly than most suspect. That is the way these big changes always happen.

There was nothing of interest in the Comex metals warehouses and delivery reports, except perhaps a drain of silver stored at Scotia Mocatta which has been quite heavy of late.  But the other warehouses are well supplied in Comex terms.

Have a pleasant evening.