Silver looks as if it may retest the lows on the trendline. If it does fall that low, any fall below may induce another puke up of shares/futures as a major technical support area may have failed. On the basis so far of no word on QE3, Silver for the moment looks like a dead trade.

The energy trade is also looking the same way. Without a QE3 and inflation trade, energy and associated stocks look to be trading lower. The rotation out of the energy sector into the defensives has been underway for a couple of months now.