In Thursday’s post, I suggested the possibility of a huge reversal was near, but that if that day’s early bottom didn’t hold there would be more downside.  That is how it has played out.  The low got taken out on Thursday, and as Sir Marcus correctly commented on that post, there was more downside, leading to today’s overnight smackdown.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        It makes a lot more sense that the bankers would do this because if you have the reversal during regular trading hours the crowds can participate.  If you conduct the reversal overnight and early in the morning, before the Comex and stock exchanges open, it is largely the professionals who get in early.  Today marks the bottom, but I would wait for tomorrow or perhaps Wed. or Thurs. for the back test to get aggressive.  I don’t see this morning’s lows being breached, but some sort of pullback should occur this week, after the large bounce that seems to have begun, runs it’s initial course.