I think there was a big push by the dealers to run sell stops in Silver around $ 33 and Gold around  $1750.  If this was a true move I would have expected stocks and the Euro to be weak and they aren't.  Just as a trade I have bought some AGQ here and will run it with a close stop under todays lows .

I do not think we will see the bottom until the US participates but  we might see the European Central bank take a shot at keeping a lid on things.  If their intervention is short lived the market will drop later today but this might be a real effort to control things and it could work for a while and that is why I will take profits and look to re- enter either on a big rally or if the market breaks down. http://www.zerohedge.com/news/ecb-goes-hog-wild-lifts-every-offer-another-failed-attempt-calm-market

I expected a much weaker start to the day than we have and I do not see the signs of a mass exodus that I expected.  Silver and Stocks and the Euro are at support levels and may bounce from here so I will take profits on a large part of my positions at the opening and look to re-enter on a bounce.

ZSL and TZA ended up around 5% today.  There were times when they may have been down almost as much - i.e. not a market for widows and orphans !  EUO moved in our favour but to a lesser exent.  It does seem as if people are beginning to "get it" and we could well see blood in the streets tomorrow if everyone runs for the exit at the same time.  It is just a matter of time before the US steps up to the plate in Europe - this is an election year and the US banks are much more exposed than they let on.  Right now the powers that be need the markets to fall so that they have the excuses they need to intervene.  Then get ready to see things go up up and away but for now being short seems a good place to be.

I could post links all day that show things are a mess but mess or not people keep buying.  I have a basic short position that is now on side but this isn't a market for conservative people.  Yesterday TZA went from being 4% in our favor to 3% against.  These aren't swings most people can live with.  If I am righ and things do crack here we could see a hard and fast fall that might give a buying opportunity.  In the meantime I am holdin

The market is moving in our direction but rallied up on fumes.  It would seem that everyone is convinced there will be a QE 3 here and similar moves in Europe and so they ignore any bad news.  I am sure we will see stimulus but things need to get a lot worse before this happens.  I will post links later.

I guess we have rallied on this:  http://www.reuters.com/article/2011/11/15/us-usa-fed-comments-idUSTRE7AE28620111115 
At some point I think it will take the US to bail out Europe ( and of course the US Banks and Money Market Funds that are trapped in that market ) BUT I think it has to get worse before it gets better.  My EUO position helped quite a bit but the other positions are now off-side.  I am staying with my positions for now.