4 Hour Silver Chart - update 1:30 AM

Comments out of Japan during the evening hours here in the US that dealt with further radiation leaks from the crippled nuclear reactors sent the markets into what can only be described as sheer, mindless panic selling. It has hit every single market with the exception of the US Dollar and the US bond market. Eerything else is being slammed lower by the hedge fund algorithms.

Both silver and even gold are being sold by these black boxes as technical chart levels get taken out which then engenders further selling as there are no bids under some of the markets as they descend. In some cases the markets are descending lower on what looks like one and two lot offers.

With that in mind here is an updates silver chart.

It has blown throught two horizontal support levels, the first near $35.50 and the second near $35. Further support lies back down near $34.30.

We'll see what happens when the US comes on line and whether or not the panic selling has run its course.