Stocks took a healthy bounce back after their recent drubbing.

Relief rallies in bearish markets tend to be violent and impressive- and short lived.

Gold and silver gave up some ground, although gold hit an intraday new all time high, hitting my long term chart objective at 3018.

They did managed to scrape up some gold to add to the physical inventory in Hong Kong.

But the metals remain under pressure on supply and demand.

If this blows up, and the banks come with their hands out for a bailout, I certainly hope they don't get it. But I am less hopeful of this than you might imagine.

VIX of course fell.

The Dollar wallowed what was clearly a risk back on reaction.

Let's see how things develop.

Have a pleasant weekend.

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