The market is likely to succumb to selling on the open today from margin calls resulting from Friday's declines. However, gold and silver were beneficiaries of investors' rush to safety, so they should not accelerate this. Once the margin calls are satisfied, we could see buying from bargain hunters as early as tomorrow, but more likely later in the week.

Note that the Dow Jones Industrial Average closed a mere 34 points below the May closing low of 17,435. A reversal from the Dow's close on Friday could re-establish the trading zone of 17,200 to 17,800 that we've been in since October.