Chop and then Drop

We are consolidating the gains from the past week , and we will likely continue for a few more days.  Friday or Monday, we should see some stronger drops on volume.   Let's not forget about Spain, it's 10 year yield is still well above 5% after dropping last week on the global risk rally.  I like to look at the gold and silver market to see the action of pure speculators.  It looks like they are saturated on the long side and key reversals occurred yesterday which should foreshadow the action in the ES.