Silver, a (short-term) bottom?

I would like to take a closer look at today's silver action.

On the daily chart, we see that silver is extended from it's 20-day moving average. As they say, the rubberband is stretched. So a move back up could happen any moment now.

Yesterday we saw a big down-move on higher than average volume. Today we had a gap down, an equal amount of volume (or almost) and a big candle, closing strong near the high of the day. This candlestick pattern is called a piercing line and is a bullish reversal pattern.

Together with the strong volume (remember, this is 'holiday trading'), this candlestick-pattern might indicate a bottom here. I'm not saying THE bottom, but at least a short-term bottom. I would like to see a move towards the gap fill of 12/13, with a target of 29.50-30 (without ignoring the 20MA, because this will probably be the first resistance to overcome). Let's watch volume and price action closely in the coming days!

A quick view on the weekly chart below. Tomorrow, silver needs to close higher or near today's close, so that a hammer would be formed on the weekly chart. We bounced just above the 25-level, also near the January '11 lows.

Disclosure: no position in SLV

Metals getting killed

Unbelievable! That's the least you can say about the action in the metals today. While the major indices struggle to stay in the green, metals got hit. Hard! An intraday snapshot, 2 hours before market close and right after what looked like an intraday bottom to me:

Look at silver! Down 16.66% and it was -18% briefly. The other metals losing 'only' 4% to 6%. Now why is there such a selloff in metals while stocks are still mostly in the green? Metals were outperforming stocks since early Summer. But in these volatile markets, where the word crash is used quite often, there are no real safe havens. This is just a reversion to the mean, illustrated by the chart below.
The chart shows the spread between SPY (representing the S&P500) and GLD (= gold). We see a breakout, showing that the spread will probably move back to more 'normal' levels. The SPY-SLV (silver)-spread shows more or less the same picture on the weekly chart; silver outperforming stocks since August last year. So basically, we can expect more downside in metals, or at least narrower spreads in the future (which can also mean: metals up, but stocks move up stronger).

New highs

Indices made new highs, only small caps (RUT) weren't, though they were leading the market in the beginning of the month.
Also notable, silver kept going lower after yesterday's reversal. Oil and gold did better, only down sligthly.

Swingtrades
I got out CTXS (+1.37%) and ROK (+0.17%) because of upcoming earnings. Also I was stopped out of BSFT (-6.73%). New  positions opened in BMRN and COO.
I covered the SLV-puts I bought yesterday-morning for a nice %-gain (but small amount).

NFLX was down hard after earnings and seemed to bounce up in the morning. I got in $237.07 (average), sold half at 240.95 and the other half at 238.76 (raised SL).

Furthermore, I bought some ES-futures when price broke out the intraday bullflag. Only a small gain here after the 1345-level held as resistance.

No daytrades, I ment to swing NFLX and ES-futures, but stops got hit as said.