Stock market is going sideways in an apparent 4th wave. I'll be able to buy on the retracement after a 5th completes at around this price level, so I'm not in a hurry to buy. SPX is bumping against it's 50-day.
The following chart is weekly monetary base 10-week ROC vs. silver. The latest data point is March 9 and the base is moving sharply higher. The correlation between Fed asset purchases and monetary base is imperfect so I am not assuming that the rate of change of monetary base will coincide with the end of QE2. Rather, I am assuming it's ascent will slow prior. When the ROC declines below 10% that will be the top in precious metals. Since the data is released only bi-weekly we probably won't see this happen until after the silver top.